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Title: Upi’s Rise In India’s Financial Landscape: India’s Biggest Financial Innovation – Insights From Mohammad Asad’s Iit Kanpur Research

India, 16th Jan 2024 - In an original research study, Mohammad Asad, a postgraduate student from the esteemed Indian Institute of Technology Kanpur (IITK), sheds light on the transformative journey of the Unified Payment Interface (UPI) as it emerges as India’s foremost financial innovation. Launched in Q2 2016 by the National Payment Corporation of India (NPCI) in alignment with the government’s cashless economy initiative, UPI has not only proven to be a cost-effective breakthrough for digital payment services but has also become a cornerstone in reshaping the nation’s financial landscape.Mohammad Asad in as Indian Computer Engineer, Economist, Researcher and Author born to humble middle class parents in Uttar Pradesh state of India. Mohammad’s extensive analysis, leveraging Machine Learning, offers valuable insights into UPI’s evolution, its impact on the digital economy and future trends. Unprecedented Growth in Financial Institutions:Commencing with 21 banks, apps, and financial institutions, UPI has experienced a meteoric rise to encompass over 350 platform partners by mid-2023, demonstrating an impressive average onboarding rate of 35% over the past three years.Outshining Traditional Payment Methods:UPI has surpassed Credit Cards and Immediate Payment Service (IMPS) in India, establishing a significant lead in terms of yearly transaction value. Notably, UPI has exhibited an extraordinary average growth rate of 90% over the last three years, outpacing other payment methods.IMPS has maintained continuous positive growth, averaging 35% over the same period.Despite a declining overall growth rate, Credit Cards have sustained a positive average growth of 10%.National Electronic Funds Transfer (NEFT) has witnessed an average decline of -1.3%.Real Time Gross S...

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