Upstarts Gain in Hot India Payments Space
“The introduction of UPI in August 2016 led to the creation of a wealth of new innovative payment solutions, and the adoption rates of UPI payments are truly spectacular,” U.S.-based Fidelity National Information Services Inc. said in a December 2017 report. UPI “opens up access to real-time by allowing payments to be directly integrated into external business applications,” it said.
India’s payments system was alone among more than 40 countries tracked by Fidelity National to gain a top score of five for innovation and customer value. China’s Internet Banking Payment System scored two and Kenya’s PesaLink scored four. Criteria included round-the-clock availability, speed of settlement, and level of government or regulator support.