The Unified Payments Interface (UPI) now has more than a hundred million users. Last month’s transactions were worth ₹1.46 trillion (about $27 billion), and their number is up 138 per cent from 2018, according to the National Payments Corporation of India (NPCI), which was set up by India’s central and retail banks. (LiveMint)
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The Unified Payments Interface (UPI) now has more than a hundred million users. Last month’s transactions were worth ₹1.46 trillion (about $27 billion), and their number is up 138 per cent from 2018, according to the National Payments Corporation of India (NPCI), which was set up by India’s central and retail banks. (LiveMint)
Talking point: The UPI was India’s most popular form of electronic retail payment in the 2018–2019 fiscal year, and the mean transaction (₹1,638) was 20 per cent higher than for debit cards, according to the central bank. NCPI aims to increase the user base to 500 million over the next three years, and foreign tech companies could be the primary beneficiaries. The UPI was set up in part to prevent a few services from dominating the Indian payments market as AliPay and WeChat Pay do in China. Nonetheless, GooglePay, the Alibaba-backed Paytm and Walmart-owned PhonePe have captured an overwhelming majority of the market.
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