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How UPI became India’s biggest digital payments system — and its next challenge
['Siddharth Upasani', 'Siddharth Upasani Is A Deputy Associate Editor With The Indian Express. He Reports Primarily On Data', 'The Economy', 'Looking For Trends', 'Changes In The Former Which Paint A Picture Of The Latter. Before The Indian Express', 'He Worked At Moneycontrol', 'Financial Newswire Informist', 'Previously Called Cogencis . Outside Of Work', 'Sports', 'Fantasy Football']
The Indian Express
And 86% of these payments were from a system that didn’t even exist until a decade ago — Unified Payments Interface (UPI).
As such, it was felt that more was needed for digital payments to truly take off.
Investments into India’s digital payments sector.
In 2021, the surge in investment followed from an increased preference for using digital payment systems after the Covid-19 pandemic,” it added.
The Nandan Nilekani-led High-Level Committee on Deepening of Digital Payments said so, too.