UPI: Replicating UPI’s success abroad will be tough. (Think high card penetration, reluctant banks)

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UPI QR Codes (Standee) are Kept outside for Cashless payments at a medical store in Gurugram on the outskirts of New Delhi, India on 16 May 2020.

Synopsis

A confluence of several conducive factors led to UPI’s roaring success in India. While the government wants to deploy a payments framework similar to UPI in 30 other countries, it will be greeted by challenges in the form of bureaucracy, financial viability, competition from similar platforms, and more.

Call it a “shining example” of what a homegrown technology stack can achieve when the government, the regulator, banks and fintech players join forces. When the National Payments Corporation of India (NPCI) launched Unified Payments Interface (UPI) on April 11, 2016, to facilitate instant digital fund transfers, even its most optimistic believer didn’t think it would help India become the world’s largest real-time payments market ahead of China

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UPI: Replicating UPI’s success abroad will be tough. (Think high card penetration, reluctant banks)


UPI QR Codes (Standee) are Kept outside for Cashless payments at a medical store in Gurugram on the outskirts of New Delhi, India on 16 May 2020.

Synopsis

A confluence of several conducive factors led to UPI’s roaring success in India. While the government wants to deploy a payments framework similar to UPI in 30 other countries, it will be greeted by challenges in the form of bureaucracy, financial viability, competition from similar platforms, and more.

Call it a “shining example” of what a homegrown technology stack can achieve when the government, the regulator, banks and fintech players join forces. When the National Payments Corporation of India (NPCI) launched Unified Payments Interface (UPI) on April 11, 2016, to facilitate instant digital fund transfers, even its most optimistic believer didn’t think it would help India become the world’s largest real-time payments market ahead of China

  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT

New Feature
Refer & Earn

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Team SNFYI
Hi! This is Admin.

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