Since it launched in 2016, India’s Unified Payments Interface has helped propel the growth of online payments in the country of 1.4b people. The system allows people to make cheap, instant transfers across bank accounts and to pay for everything from groceries to online services.
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India eyes global online payments push as transactions boom
Following the launch of a pilot in Singapore, the company said it has held preliminary talks with the Bank for International Settlements, the World Bank and the Bill & Melinda Gates Foundation to explore possible collaborations, said Dilip Asbe, chief executive of the NPCI. “The top end of the market behaves like the western world, and the bottom of the pyramid has similarities with developing or undeveloped economies,” Mr Asbe added. “The country has diverse needs. There are people in villages needing assistance payments. People in cities with a smartphone have different needs.”
