Which among the following is the most likely consequence of implementi

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Which among the following is the most likely consequence of implementing the ‘Unified Payments Interface (UPI)’?

Global remittances will increase substantially.
Foreign Direct Investments (FDIs) will be encouraged.
Digital payments will increase substantially.
Inclusion of the poor people into the formal financial system will increase substantially.
This question was previously asked in
UPSC CAPF – 2010
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The Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. Its primary impact is to make digital transactions easier, faster, and more accessible. Therefore, the most likely consequence of implementing UPI is a substantial increase in digital payments within the country. While UPI can contribute to financial inclusion (D) and potentially facilitate global remittances in the future (A) through international linkages, its direct and most significant impact has been on boosting the volume and value of domestic digital transactions. It does not directly encourage Foreign Direct Investments (B).
UPI revolutionized the digital payments ecosystem in India by providing a simple, interoperable, and real-time platform for mobile-based payments, leading to exponential growth in digital transactions.
UPI was developed by the National Payments Corporation of India (NPCI) and launched in 2016. It is built on the IMPS infrastructure and allows for instant money transfers between any two parties using a virtual payment address (VPA) or mobile number.

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