Government driven innovation- India's Unified Payment Interface

This is a great summary of the Unified Payments Interface that went live last month in India. Rather than a fintech startup or a tech heavy bank, its the government that has created a low cost payment system. More specifically, they released a set of protocols and banks, payment processors built apps on it.

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@Prathamesh thks for sharing. This is significant in an large and growing economy that currently transacts 95% cash!

Do you know, the non-profit organisation that is mentioned as invloved in the UPI initiative?
Do you agree that we should include the UPi intiative in the
Citizen-centered FinServ initiatives: A global tour ?

thanks @Prathamesh yes, I do think India has this right and other countries are now following lead. I am in Singapore and have been hearing a lot about digital banking initiatives in India. I was i Singapore a year ago and all the chatter was about China. Now it is about China and India (and Indonesia). I lived in India for a couple of years and have written a lot about India on Daily Fintech:


@Efi: Sure, would be a good addition. The org is National Payments Corporation of India (NCPI)

@BernardLunn: thanks, checking out the older posts. Let me know if you drop by Mumbai again :slight_smile:

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