Publication- News9Live
Edition- Online
The Modi government’s emphasis on Digital India has spawned multiple digital public goods under its umbrella with UPI and RuPay paving the way for the democratisation of payment systems, and ONDC making it easier for homegrown companies to become digital-first in a plug-and-play system. UPI The Unified Payments Interface (UPI), which was developed by the National Payments Corporation of India (NPCI) came into being in 2016 and its usage picked up soon after the demonetisation of Rs 500 and Rs 1,000 currency notes by the Indian government that year. This digital public good offers a safe solution for individuals and businesses to make seamless transactions without having to enter details such as one’s bank account. It offers round the clock service. Since being rolled out by the government, UPI has picked up pace with private platforms using the interface to process transactions. Walmart-owned PhonePe dominates the UPI payments space in terms of transactions, followed by Google-owned GPay, and One97 Communications-owned Paytm, among others.
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