India’s Unified Payment Interface (UPI), the real-time payments platform for the country, implemented in August 2016 has shown remarkable growth throughout 2018 in volume and value.
Read more about UPI: Understanding UPI and its Impact on Payments in India
As of the end of December 2018, UPI has crossed 600 million in monthly transactions volume, up from 145 million in 2017.
India’s adoption of the UPI is an excellent case study and can pave the way for many countries that are planning or have not yet planned to modernise the prevalent national payments infrastructure, to facilitate faster movement of funds within the country.
The absence of a strategic instant payments solution in a country suggests that it is unaware of the greater benefits of real-time technology that are enjoyed by several world economies.
The demand for instant payments is evidently growing at a great pace across the globe. The legacy electronic payment systems no longer meet the dynamic requirements and expectations of Generation-Y, which is comprised of computer-savvy individuals who require prompt responses—this is the need of the hour.
In reality, an instant payments service is the next stage and is a crucial need of the domestic payments space in the coming years across the globe.
Going by the dynamic demands of the market, 2019 stands poised as a crucial year for the adoption of instant payments on a global scale.
Stay tuned for more insights on instant payments trends across India and the world.
About the Author
Sanjay Bhoite is Principal Consultant – Payments & Payments Modernization at Evolvus Solutions with more than 23 years of experience in wholesale payments including end to end payment product management.
Connect with Sanjay Bhoite via LinkedIn.