Diwali 2023: How UPI is revolutionising digital payments this festive season

Diwali 2023: The festive season is already here, and the Made-in-India UPI is expected to be a big help due to its global expansion. In India, UPI has already completely changed digital payments. Experts believe that the Unified Payments Interface’s (UPI) growth will help customers and businesses in several ways.

“UPI is not just a payment system, it is a revolution that connects India with the world. This festive season, let us celebrate the power of UPI and the opportunities it brings for us and our loved ones across the globe,” said Amit Nigam, Executive Director & COO, BANKIT.

Shikhar Aggarwal, Chairman, BLS E-Services listed three ways in which UPI will help customers in this festive season.

1)Firstly, UPI provides a practical and safe way to make payments, making it easy to buy presents, clothing, and other festive necessities. “It is a recommended option due to its rigorous security measures, convenience of usage, and quick transfer possibilities,” said Shikhar Aggarwal.

2)Secondly, the worldwide presence of UPI facilitates international money transfers and gifts, enabling people to transact business across borders. “It allows them to stay in touch with their loved ones back home during the festivities, which is especially beneficial for the Indian diaspora,” noted Aggarwal.

3)According to the chairman, of BLS E-Services, companies can leverage UPI’s worldwide reach to reach a more extensive clientele and enable smooth cross-border transactions. This creates chances for them to reach a wider audience and increase revenue.

To sum up, UPI’s global rollout is expected to improve the festive season by making payments more manageable, facilitating international transactions, and creating more business opportunities. 

The five-day festival of Diwali does not last merely five days but almost the entire week. Dhanteras (Dhanvantari Trayodashi) is the first day of Diwali week, marking the official beginning of the sparkling Diwali festivities, followed by Narak Chaturdashi, also known as the Choti Diwali. The real Diwali is celebrated on the third day. On this day, people worship Goddess Lakshmi and Lord Ganesha. Govardhan Puja, the fourth day is celebrated in different ways in India. The fifth day is celebrated as the Bhai Dooj or Bhai Beej Day.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Updated: 09 Nov 2023, 12:43 PM IST

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