"UPI has reached unprecedented transaction volumes, according to data from India's National Payments Corporation of India (NPCI). To put that in context, Visa and Mastercard together process hundreds of millions of transactions daily across their global networks, a figure that encompasses every country, every currency, every corner of international commerce."
"The raw mechanics are worth understanding. UPI is an interoperable layer built on top of India's banking system, launched by NPCI in recent years. It links accounts across different banks and allows instant transfer via a simple ID - a phone number, an email address, or a QR code."
"The system's reach has grown so deep that even ATM cash withdrawals now interact with UPI infrastructure - with Indian banks updating fee structures to account for UPI-linked ATM usage."
India's Unified Payments Interface (UPI) now processes more transactions daily than Visa and Mastercard combined, although the average transaction size is lower. UPI's model, built on India's banking system, allows instant transfers without cards or foreign fees. This system has grown to include ATM withdrawals, showcasing its deep integration. While UPI's transaction volume is impressive, it primarily serves domestic transactions, contrasting with Visa and Mastercard's global high-value commerce. The success of UPI indicates a significant shift in payment infrastructure dynamics.
Read at Silicon Canals
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