UPI is beating Mastercard, Visa #BigMoney

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Transactions through India’s homegrown Unified Payments Interface — which allows mobile apps run by retailers, airlines and other firms to take payment directly from bank accounts — reached almost half the value of debit and credit cards swiped at stores last month, central bank data show.

UPI Vs Rest (image credit: Bloomberg)

“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.”

With WhatsApp’s QR code integration, expect boom !

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