Over the past few years, India's payment landscape has undergone a significant transformation. Thanks to rapid technological advancements and progressive governmental policies, digital transactions have become the norm. Platforms such as UPI, BHIM, and numerous e-wallets are leading this shift, reducing the dependence on traditional banking systems.
- Blogs
- Finance & Banking
- Demystifying The Digital Payment Ecosystem In India 2 6523e9c914e5bf0001288a41
Demystifying the Digital Payment Ecosystem in India
Finance & Banking • 9 Oct, 2023 • 41,805 Views • ⭐ 3.0
Written by Anand Swami
![](/_next/image?url=https%3A%2F%2Fghost.quizzop.com%2Fcontent%2Fimages%2F2023%2F10%2F1-10.jpeg&w=1080&q=75)
![Whatsapp](/_next/image?url=https%3A%2F%2Fstatic.quizzop.com%2Fnewton%2Fassets%2Fcards%2Fwhatsapp_banner.png&w=3840&q=75)
The Dawn of UPI
![](https://ghost.quizzop.com/content/images/2023/10/2-14.jpeg)
In 2016, the National Payments Corporation of India launched the Unified Payments Interface (UPI) as a real-time payment system. UPI enables mobile platforms to facilitate immediate money transfers between banks, making it a crucial element of India's digital payments revolution.
Its smooth, constant operation and user-friendly interface have contributed to its success. UPI's interoperability is its primary advantage, allowing users from any bank to conduct transactions quickly and easily. With a unique identification system similar to an email, transactions are as simple as sending a message.
FINANCE & BANKING QUIZ • 10 QUESTIONS • 2 MINS
We've got a Finance & Banking quiz for you!
TAP TO PLAY
![](/_next/image?url=https%3A%2F%2Fstatic.quizzop.com%2Fnewton%2Fassets%2Fcategory%2Fbanking_and_finance.png&w=256&q=100)
BHIM: The Flagbearer
![](https://ghost.quizzop.com/content/images/2023/10/BHIM_Hero2.jpg)
Building on the UPI infrastructure, BHIM (Bharat Interface for Money) was introduced by the Indian government. Designed to be a one-stop solution for all UPI-based transactions, BHIM stands as a testament to the government's commitment to fostering a cashless economy.