11-Apr-18, Payments Source
In March, the National Payments Corporation of India reported that UPI bridged more than 178 mn transactions and over USD3.7 bn. At this rate, incumbent payment innovators might just get disintermediated themselves.
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Image: Bloomberg News
As countries around the globe endure fragmented payment markets, where citizens and businesses suffer from cash dependency, poor accessibility, high transaction costs and low interoperability between different payment systems, India’s Unified Payment Interface presents a miracle model that other developing economies can emulate, as they look to move away from cash-centricity.