Decentralised β’ 0 implied HN points β’ 02 Aug 24
- India is leading in payment innovations like UPI, which has skyrocketed transaction numbers and financial inclusion. This shows that developing countries can sometimes teach developed nations a thing or two about digital payments.
- The UK, despite being an early pioneer in payments, is not growing as fast as India. Its Faster Payments Service has only gained a small share of transactions, while UPI has taken over the market in India.
- For successful payment systems, it's important to focus on user-friendliness and strong government support. Learning from India's successful payment models can help improve financial technology in other countries.