Unified Payments Interface (UPI) has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries, said Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School.
Professor Montes is in India to participate in the inaugural NXT Conclave 2025, set for February 28th and March 1st at Bharat Mandapam in New Delhi. During January 2025 around 17 billion transaction has been made through Unified Payments Interface.
After the demonstration of UPI today in national capital, Montes said that glad to see the UPI payment system. The growth of UPI shows that they all work together on making sure that the technology that they develop is user-friendly for citizens, and that there is a regular and constant innovation in that aspect, he added.
He said It explains the high adoption rate of Unified Payments Interface in India. It also has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries, he added.
What Else For UPI?
Sudhir Shyam, Economic Adviser at Department of Financial Services (DFS) said that they were actually interested to know how Unified Payments Interface works. In India, Unified Payments Interface has become very popular in terms of payment system in our country, and gradually it is being recognized globally. Unified Payments Interface system is already live in 7 countries including the UAE, Mauritius, Nepal, Bhutan, Singapore, Srilanka and Maldives. Work is in progress in 4 including France, Peru, Trinidad & Tobacco, Peru and Namibia.
Shyam said some other countries has also showed interest in Unified Payments Interface. Today there was small demonstration before the delegation today.
UPI volume are increasing exponentially, and such fast growth basically lies in the ease of payment. Ease of payments has a led to a very wide adoption of this payment system. There are 465.2 mn unique users of UPI since its inception. Unified Payments Interface is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016 more than 80 Apps are live on UPI. 17 billion transactions has been done on UPI during January 2025.
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