India's next big step in the online-payments industry is going global
India plans to roll out its digital payment model globally as online payments boom in one of the economies worst affected by the COVID-19 epidemic, UK media reported.
The FINANCIAL Times website reported on July 25 that since its launch in 2016, India's "UPI" has pushed online payments in the country of nearly 1.4bn people. With the system, people can make inexpensive, instant transfers across bank accounts and pay for everything from groceries to online services.
Supporters say UPI promotes financial inclusion in India, where hundreds of millions of people remain without bank accounts. Supporters argue that UPI is more advanced than similar systems in rich countries.
UPI has also attracted a lot of investment, with Google partnering with walmart, an Indian e-commerce startup, and others launching apps based on UPI.
The report noted that the number of transactions on the platform reached a record 1.34 billion in June as the coVID-19 epidemic spread, which in turn forced Indians to stay socially distant and avoid paying in cash.
UPI was set up by the Reserve Bank of India and managed by the National Payment Corporation, owned by a consortium of local lenders.
India plans to roll out its digital payment model globally as online payments boom in one of the economies worst affected by the COVID-19 epidemic, UK media reported.
The FINANCIAL Times website reported on July 25 that since its launch in 2016, India's "UPI" has pushed online payments in the country of nearly 1.4bn people. With the system, people can make inexpensive, instant transfers across bank accounts and pay for everything from groceries to online services.
Supporters say UPI promotes financial inclusion in India, where hundreds of millions of people remain without bank accounts. Supporters argue that UPI is more advanced than similar systems in rich countries.
UPI has also attracted a lot of investment, with Google partnering with walmart, an Indian e-commerce startup, and others launching apps based on UPI.
The report noted that the number of transactions on the platform reached a record 1.34 billion in June as the coVID-19 epidemic spread, which in turn forced Indians to stay socially distant and avoid paying in cash.
UPI was set up by the Reserve Bank of India and managed by the National Payment Corporation, owned by a consortium of local lenders.