India-Israel UPI Deal: India's Unified Payment Interface (UPI) is becoming global. UPI is gaining popularity not only in the country but also abroad. Many countries around the world are using India's digital payment system, UPI. Now, Israel is also about to join India's UPI system.
During Prime Minister Narendra Modi's visit to Israel, a major agreement was reached between the two countries regarding UPI. With this partnership, money transactions will now be possible in Israel through India's UPI.
UPI's dominance is growing worldwide.
UPI is so popular in India that it has surpassed cash transactions. It is now used in more than eight countries, including Singapore, the UAE, France, and Nepal. According to India's Ministry of Finance, 57% of the country's transactions now take place through UPI.
What is UPI?
UPI is a digital payment system that allows you to send and receive money instantly via mobile. This system was developed by the National Payments Corporation of India (NPCI). UPI allows you to make direct transfers from your bank account 24/7. All you need is your mobile number, UPI ID, or QR code. This system eliminates the need to remember IFSC codes or account numbers.
Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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