Now the method of payment has completely changed in India. Earlier people used cash for everything. But now its method has completely changed. People pay for almost everything online.
In 2016, Unified Payments Interface (UPI) was launched in India. Now payment can be made anywhere in a jiffy through UPI. The number of UPI users in India is increasing year by year.
According to a report released in November 2022, there were more than 300 million monthly active UPI users in India. Whereas, if we talk about UPI transactions, from January 2024 to June 2024, 78.97 billion transactions have been done through UPI.
Through UPI, you can link multiple bank accounts with a single app. Virtual Payment Address (VPA) is used to send money and withdraw money from the account through UPI.
You can make payment in many ways. In UPI, you can make payment through anyone’s UPI number, through QR code and through UPI ID. So you can make payment to someone through bank details.
