A Tech-tonic Shift In Payment Space

The government’s initiative for Digital India is certainly yielding results. The total transactions of Unified Payments Interface (UPI) springing to 1.15 billion in October 2019 from 0.96 billion in September 2019 clearly shows the changing transaction pattern in India. The total transaction value of UPI stood at Rs1.91 lakh crore in October 2019 compared to Rs1.61 lakh crore in September 2019. Elaborating the reasons behind the quick adoption, Praveena Rai, Chief Operating Officer, National Payments Corporation of India (NPCI), says, “It is difficult to attribute UPI transaction growth to one single factor. The transaction growth is due to a combination of factors including simple and easy-to-use product, interoperability leaving the choice of app and bank  in the hands of the user, increasing acceptance of  UPI with merchants, and great collaboration between...