I am thrilled. I received my first fee payment via UPI.
Why am I telling you this?
Let me share the backdrop.
You now know that the Government of India is making a big push towards a Digital Economy. The old Rs. 500 and Rs. 1000 notes have been declared illegal effective Nov 9, 2016. The new notes of Rs. 500 and Rs. 2,000 will be issued over time, in limited quantities.
The biggest contributor of this Digital movement will be the money moving up there. Once money starts moving digitally, will the dream of a Digital India (@_DigitalIndia) be truly realised.
UPI is an important initiative in this direction to make money go digital. It is the way we will make payments and receive money in the future.
It’s time that we get ourselves familiar and start latching to the medium.