Will India's e-Rupi be a game changer like Kenya's M-Pesa?4 min read . Updated: 07 Sep 2021, 01:11 AM IST
This payment-voucher system’s features make it ideal for programmes aimed at Indians on the other side of our digital divide
India has emerged as a leader in digital payments, with a manifold increase in such transactions in recent times. There are not many countries that allow digital transactions worth as low as one rupee. The Universal Payments Interface (UPI), which was launched in 2016 to allow payments round the clock 365 days a year, has been very successful. Recently, the UAE became the third country after Bhutan and Singapore to accept UPI payments outside India, which is an indication of the ease and efficiency of this system. There is some euphoria around private consortium-led payment mechanisms under the central bank’s New Umbrella Entities plan as well.