India, the second-largest nation in the world, is among the countries with the fastest internet penetration. More than 60% of the Indian population has access to the internet. In 2008, the country made its first move to adopt digital payments by setting up the National Payments Corporation of India (NPCI).
In 2016, the NPCI launched Unified Payment Interface (UPI)—a real-time payments system to enable users to make instant payments without providing bank account details, just their UPI ID (also known as Virtual Payment Address). UPI further fueled the adoption of Real-Time Payments (RTP) systems in India.
