India’s Unified Payments Interface, or UPI, has gained name and fame across the world—perhaps for the first time that Indian tech has been hailed for developing an innovative platform, as opposed to software services.
Launched by the National Payments Corporation of India, or NPCI, in 2016, the instantaneous digital payments platform has witnessed a stunning growth, from processing Rs 3 crore worth of transactions in August 2016 to Rs 3 lakh crore in August 2020. In just four years, UPI alone accounts for close to 50% of all retail payments processed in India, in terms of transaction volumes.
UPI may …
Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.
artisingh@mailtmc.com