UPI: The world’s favourite payment method hits $964 billion in record time

Unified Payments Interface (UPI) Overview:

UPI is the world's most popular alternative payment method, processing transactions worth ₹80.8 lakh crore ($964 billion) between April and July 2024, showing a 37% year-on-year increase.
In 2023, UPI processed 117.6 billion transactions, averaging 3729.1 transactions per second, surpassing platforms like Alipay, PayPal, and Brazil’s PIX.
The platform processed transactions worth $2.19 trillion in 2023, with July 2024 marking the highest monthly value of ₹20.64 lakh crore ($247 billion).

Global Context and Expansion:

UPI leads in global digital transactions, with India conducting over 40% of payments digitally, largely through UPI.
The platform's reach has expanded to over 400 million users, adding new transaction channels such as credit cards, prepaid wallets, and vouchers.
UPI’s growth is expected to double in the next 2-3 years, driven by new products like RuPay credit cards and credit lines.

Comparison with Other Payment Platforms:

Other major alternative payment methods include Skrill (49 billion transactions in 2023) and PIX (42 billion transactions), but UPI remains the leader.
UPI, developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), has been operational since 2016.

Question: In which country UPI is not accepted for payment?

PM Modi flags off Meerut-Lucknow, Madurai-Bengaluru and Chennai-Nagercoil Vande Bharat Express trains

Inauguration of Vande Bharat Express Trains:

Prime Minister Narendra Modi inaugurated three new Vande Bharat Express trains on August 31 via video conferencing, enhancing connectivity across key routes in Uttar Pradesh, Tamil Nadu, and Karnataka.
The newly launched routes are Meerut – Lucknow, Madurai – Bengaluru, and Chennai – Nagercoil. These trains are designed to reduce travel time significantly, offering passengers advanced amenities, speed, and comfort.

Key Highlights:

The Meerut – Lucknow train cuts travel time by about an hour, the Chennai – Nagercoil route saves over two hours, and the Madurai – Bengaluru route saves around one hour and thirty minutes.
PM Modi emphasized the importance of the rapid development of southern states and highlighted the government's increased budget allocation for rail transport in Tamil Nadu and Karnataka.
There are currently 102 Vande Bharat trains in operation across India, with over 300 crore passengers having used the service.

Future Developments:

Plans to introduce a sleeper version of the Vande Bharat trains and launch the Vande Metro were announced. Additionally, over 1,300 railway stations are undergoing renovation as part of the initiative to modernize India’s railway network.
The expansion aligns with the government's ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives, aiming to provide a world-class travel experience and boost the efficiency of India’s railways.

Question: Which train travel longest route in India?