Visa, MasterCard losing market share due to surge in UPI transactions.
Reserve Bank of India data shows that transactions via UPI have reached half the value of debit and credit cards swiped at stores last month.
India - there is UPI (Unified Payments Interface), the payment system which has grabbed the market share of global card companies like Visa and MasterCard, according to a Mint eserve Bank of India data shows that transactions via UPI have reached half the value of debit and credit cards swiped at stores last month.
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,” US-based Fidelity National Information Services 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, known as one of the most innovative payments market in the world, was the only one among 40 countries to get a top score of five by Fidelity National for innovation and customer value.
India, known as one of the most innovative payments market in the world, was the only one among 40 countries to get a top score of five by Fidelity National for innovation and customer value.
Other nations like China and Kenya received a score of two and four, respectively for their payment systems.
The countries were scored on the basis of round-the-clock availability, speed of settlement and level of government or regulator support.Many apps in India have integrated UPI that they include firms like Amazon, Jet Airways - the first company to get UPI on board, Ola, Big Bazaar, Paytm, are other firms that have use UPI.
Joining the list is Facebook that is is piloting a payments service in India with a UPI backbone for its WhatsApp Pay.
Payment integration into popular apps in India will drive the digital payments market to $1 trillion over the next five years,” Credit Suisse Group AG said in a report last month. “With 800 million bank accounts now linked, the bulk is mobile-transaction ready.”
Digital payments in India picked up pace post demonetization in 2016, a move which invalidated 86 percent of India’s currency which was in circulation. Since then, the number of UPI transactions surged almost 57,000 percent, while that of debit and credit cards has risen 20 percent.
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