In the 16 years that have followed its creation in 2008, the National Payments Corporation of India (NPCI), the organisation behind the Unified Payments Interface (UPI), India’s top digital payment system, has come a long way.
Since it was launched in 2016, UPI has revolutionised commercial transactions in India, allowing for payments for any sum, starting from sums as low as INR 1 and as a result it has close to a billion users in the country and over a billion transactions are recorded every day on UPI, making it the single largest digital payments system in the world.
UPI’s popularity is due to its seamless, instantaneous payment capabilities, allowing users to transfer money directly between bank accounts via their smartphones. And all this at no cost to the consumer, giving UPI a huge advantage over rival systems that charge for the same.
Over the years, UPI has redefined financial transactions domestically, but its influence is now extending beyond India’s borders, as an increasing number of foreign countries embrace UPI.
This global expansion is set to transform the travel experience for Indian tourists, providing them with greater convenience, security and comfort while shopping abroad, the expansion is not only beneficial for Indian travellers but also has broader economic implications.
Journey of UPI from India to the World
Initially, UPI was designed to facilitate easy and quick transactions within India, offering users a simple interface to send and receive money, pay bills and make purchases. The rapid adoption of smartphones and the internet in India created a fertile ground for UPI’s success. As digital payments surged, the NPCI began exploring the potential for international expansion.
Esta historia es de la edición November - December 2024 de India Outbound.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November - December 2024 de India Outbound.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
La Mamounia is an oasis for travellers
In order to cement its foothold in the Indian market, Moroccan luxury resort La Mamounia, located in the picturesque town of Marrakech, recently organised a visit to Mumbai and Delhi, engaging with top-tier travel industry partners from India. General Manager Pierre Jochem tells India Outbound that the resort, which recently completed 100 years, is targetting the Indian visitors seeking to explore Morrocan art, culture and heritage, besides its captivating beauty.
Africa has come a long way as travel destination for Indians
The perception of Africa as a tourism destination has come a long way in India as travellers from India have gone beyond safaris to discover other elements that make travel to Africa attractive. The change is not just amongst Indian tourists, but destinations have also learnt more about their Indian clients and are taking steps to customise their offer to the Indian visitors, writes Alpa Jani, Founder, Ace Connect, a tourism marketing company.
ASCENIC RAIL TRIP ACROSS BALKANS
A rail journey through the Western Balkans, from Serbia's vibrant capital Belgrade to the culturally rich Sarajevo in Bosnia and Herzegovina, is a more tranquil, scenic way to explore the region's breathtaking mountains, lakes and historical towns at a leisurely pace.
Shahnaz Husain's cool tips for skincare during travel
Celebrity beautician and hair care expert Shahnaz Husain tells India Outbound on her secrets for skin-care and hair-care while travelling.
Plovdiv: Timeless jewel in Bulgarian crown
With a history spanning over two millennia, Plovdiv is not only one of the oldest continuously inhabited cities in Europe, but also a vibrant conduit linking Bulgaria's past and its present.
Navigating Natural Wonders of UNESCO World Heritage Sites
For us city dwellers, even the sound of a cuckoo might seem exotic. So now imagine discovering a vastness filled with shifting dunes and interlaced emerald lagoons.
Explore the Jewel of Southern Spain, Seville
Home to one of the largest historic centres of Europe and three world heritage sites, the stunning city of Seville, located by the picturesque Guadalquivir River in southern Spain, offers tourists an experience rich in history, culture, art, gastronomy and much more.
UPI IN INTERNATIONAL MARKETS A GAME CHANGER FOR INDIAN TRAVELLERS
Having revolutionised digital transactions in India, the Unified Payments Interface (UPI) is now expanding globally. After tepid beginnings in the immediate neighbourhood, UPI is gaining acceptance in many countries making a win-win for Indian tourists and businesses overseas that are increasingly eager to tap the burgeoning Indian outbound travel market.
Debuting at COP29, can tourism lead march towards curbing carbon emissions?
Tourism will make its debut in global climate change negotiations in the next round of discussions, COP29, that opens in Baku later this month. So far, the discussions have spectacularly failed to produce any notable outcome, besides platitudes and numerous missed commitments. The global tourism industry has a golden opportunity to lead the way and show the world the true path to curbing carbon emissions. But the sector's own record in this aspect is hardly blemishless.
Bintan Island: SEESE
A haven of nature, with thriving flora and fauna, the Indonesian island of Bintan, that is barely an hour away from Singapore by ferry and comes with easy visa regimes, is an ideal extension for any Indian visitor to Singapore, looking to add a touch of wilderness to the experience.
