October was a very good month for UPI because of the festive season, with transactions touching 1.15 billion for the month.
Anand Kumar Bajaj, managing director and chief executive officer, PayNearby, believes that the future of UPI is very bright. “There has been a steady rise in the volume of transactions, which clearly demonstrates the adoption of UPI services. A drastic growth will be seen once a large set of the population residing in rural areas starts using it more frequently. Enhancing awareness among retailers and end-consumers will go a long way in bringing in an exponential rise in UPI,” said Bajaj.
To push the reach of UPI further, the NPCI has collaborated with CIIE.CO and Bill and Melinda Gates Foundation to expand UPI to feature phones. Right now the UPI service is limited to smartphones. Interested start-ups and innovators can apply for the programme through NPCI’s website. CIIE.CO and NPCI will shortlist the most promising solution for further support.
The winner will win a cash prize of $50,000 and run a pilot of the solution with NPCI. The second and third runner-up will win a cash prize of $30,000 and $20,000, respectively.
The winner and runner-ups will get a chance to pitch the ideas and solution to the CIIE.CO team, which will also help the participants to get in touch with investors. The winners can also get further acceleration or investment support through the Bharat Inclusion Initiative.
UPI allows users to transfer money any time, on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party.