India’s instant payments platform hits 1bn mobile transactions
Transactions using India’s own domestic payments platform, UPI hit one billion in October, three years after its launch. The UPI has also crossed 100 million users, making it the fastest adoption of any payments system anywhere in the world.
The UPI platform enables users to send money from their account to any account without entering bank details by using an email-like handle or scanning a QR code.
“UPI has had the fastest acceptance rate not just among payment platforms but digital platforms of any kind,” Dilip Asbe, chief executive officer of the National Payments Corporation of India, has told Bloomberg. He added, “We aim to expand the UPI [Unified Payments Interface] base to 500 million users in the next three years”.
While all major banks are part of the UPI network and many have proprietary apps, the open architecture of UPI enables any bank account to be accessed from any UPI app.