UPI transforms real-time payments across India

UPI revolutionises payment methods for phone users.

The Unified Payment Interface (UPI) has become a game-changer for real-time payments in India, according to Sudhiranjan Padhi, Chief General Manager & CIO of Bank of India.

Padhi highlighted various innovations within UPI, including ID-based payments and Virtual Payment Addresses, which have significantly sped up transaction times. “More than 14 million transactions have happened during the last month,” he noted, underscoring how UPI is transforming daily transactions across the country.

At Sibos 2024 in Beijing, Padhi expressed excitement about the global innovations showcased at the event, adding, “We get to know all the new innovations that are happening throughout the world.”