India’s strategy builds on the Unified Payments Interface, known as UPI, a nine-year-old system that lets consumers and merchants bypass traditional card networks by connecting bank accounts directly through QR codes and phone numbers.
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India’s digital payments strategy is cutting out Visa and Mastercard
“Assuming UPI linkage remains exclusive for RuPay cards, RuPay is likely to emerge as the dominant network for credit cards,” a Bernstein report on Friday read.
