One of India’s key strategies, as noted by TechCrunch, is the use of its payment system UPI — Unified Payments Interface. This system already processes the majority of transactions in the country.
The availability of UPI allows consumers and merchants to directly link their bank accounts via mobile phones and QR codes, bypassing traditional card networks. Using this state achievement, India is also “reorienting its credit card market with its own RuPay card network.”
One of the major advantages of RuPay is the “exclusive permission to process credit cards through UPI.” As a result, over the past seven months, transactions totaling more than 600 billion rupees have been processed via credit cards through UPI in India, which is almost twice as much as in the previous financial year.
Currently, the share of credit card transactions through UPI accounts for 28% of the total transactions in the country.
