When we wrote about UPI in May 2019, its growth was leading with regard to P2P and P2M systems across the globe. The P2P/P2M segment is one of the key segments where FinTech and banks have significantly overshadowed government-launched, digital real-time payment systems. The PayPals, Venmos, Cash Apps, and Zelles have been enjoying their leading positions in their respective markets—the situation was similar in India, where private wallets enjoyed the lead in the Indian market until the NPCI (National Payments Corporation of India) launched UPI (United Payments Interface) in 2016, which turned out to be a game-changer for the digital payments space in India and led to a drastic shift from traditional cards and wallets to account-based payments. |
