Also, for more context, many, many daily transactions in India are in amounts under 1 USD. For obvious reasons this makes eating credit card fees deeply impractical for many businesses and entrepreneurs.
I strongly believe that every government should provide this sort of inter-bank and intra-bank transaction services as a public utility, for free.
The benefits of UPI cannot be overstated.
We also have UPI lite now. We can add about 20 USD to a UPI Lite account. Maximum transaction value is 2 USD. Daily transaction limit is 20 USD and the advantage of UPI Lite is that once you load your account with the money, the transaction completed without bank intervention, meaning lower chance of failure. Also, it does not need authentication (apart from your phone security).
I have been using this only recently and its an even more hassle free method of paying for almost 95% of my daily spends. Now I don't have to enter the UPI PIN to authorize a transaction.
