India Lays Foundation For a Fintech Revolution
India is setting a new global standard in fintech. A new instant online payments system, tied to national biometric identity data, launched in recent weeks. Together with an explosion in smartphone usage, this could help the world’s fastest-growing large economy skip traditional financial infrastructure like cash machines, debit cards and point-of-sales machines – speeding up a move to a cashless economy.
The so-called “Unified Payment Interface” is unlike anything available in China or the United States. It enables secure, real-time transfers from one person to another, or to a company. UPI enables individuals and businesses to manage money held across multiple accounts at various banks through a single mobile application – and not one that necessarily belongs to the customer’s own ban...