EXPANDING THE DIGITAL FOOTPRINT

Unified Payments Interface (UPI) has transformed mobile payments in India. With integration of credit cards with UPI, the landscape could change further

- Narayan Krishnamurthy

Over the past five years, scores of Indians have O experienced a very different kind of payment mechanism at both the large stores and street vendors. The digital financial transaction ecosystem has evolved from the early days with the successful and widespread implementation as well as acceptance of the UPI (Unified Payments Interface). UPI allows bank customers to make real-time bank transfers by linking their savings or current accounts with debit cards.

Today, people in small centres are as aware of the QR code as those in the higher income group. The UPI success story, which has made financial transactions at no cost possible, is a case study in itself. According to Reserve Bank of India data, the UPI platform has over 260 million unique users and 50 million businesses.