The UPI technology has changed the way people transact for goods or services in India. The use of UPI QR code payments has completely boosted the cashless economy vision forward. It is a ground-breaking initiative that has set India to power digital payments and contribute positively to economic growth. https://www.fidypay.com/upi-qr-code-payments/

1. The Impact of UPI QR
on the Indian economy
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2. INTRODUCTION
The UPI technology has changed the way people transact for
goods or services in India. The use of UPI QR code payments
has completely boosted the cashless economy vision forward.
It is a ground-breaking initiative that has set India to power
digital payments and contribute positively to economic growth.
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3. As of today, the scan & pay UPI QR codes are being used at all small,
medium, or large merchant stores and vendor outlets. Whether it is a cup
of tea or a smartphone, people are paying through UPI to finish their
purchases. So, how does this dominance of UPI QR payments affect the
economy of India? Well, this article will help you get an insight into the
same!
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4. UPI QR Code
Solutions Have
Empowered the
Financial Inclusion
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5. www.fidypay.com
One of the major strengths
associated with UPI lies in its ability
to empower diverse societal
segments. More than millions of
underbanked or unbanked
individuals are now leveraging the
use of UPI as a formal banking
system. And all of it has been made
possible because of the instant and
convenient payments processed
through UPI.
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6. With this, there has been an uplift in the
adoption of financial services such as
loans, insurance, saving accounts, and
others. Thus, the individuals are now
considering UPI as the source of a
secured future associated with financial
transactions.
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7. Moreover, UPI QR Code solutions
have also empowered street
vendors, small businesses, and
rural communities by joining them
in the ever-growing digital
payments infrastructure, which is
cost-effective, secure, and
convenient.
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8. UPI QR Code Solutions
Have Empowered the
Financial Inclusion
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9. Financial inclusion is just the trailer
of UPI’s capability. But, it has now
also emerged as a strong catalyst
for boosting the economy of India.
UPI transactions have helped India
transition towards creating a more
accountable and transparent
economy by reducing the overall
dependence of people on physical
cash transactions.
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10. Moreover, the abundance of data that’s
available through the UPI transaction records
has also helped fuel the rise of FinTech
players in the industry. These companies are
further scaling the innovation in the finance
domain and are improving employment
opportunities.
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11. As of May 2023, the monthly volumes
for UPI QR code payments crossed the
9 billion mark in India. Moreover, it is
recorded that there is a 58% year-on-
year increase in the overall volume of
UPI transactions.
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12. To help you better understand this, the efficient
payment facility availed through UPI payments has
helped the nation with cost savings of around $12.6
billion in 2021. And in the same year, the UPI
transactions added $16.4 billion to the economy of the
nation. The count has significantly increased since
then, and there is no stopping it!
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13. So, this was a glimpse at how UPI QR code
payments have helped the nation thrive with an
impeccable economy! There are new products
being launched by the NPCI upon improving the
UPI proficiency in processing digital transactions.
Hence, it is evident that the Indian economy, with
respect to UPI transactions, is going to boom
stupendously.
CONCLUSIO
N
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14. E-mail care@fidypay.com
Website www.fidypay.com
Phone 6232082424
Address 1st Floor, 104, New IT Park, Electronic
Complex, Pardesipura, Indore,
Madhya Pradesh 452010
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