Here’s where the next billion UPI users will come from

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Here’s where the next billion UPI users will come from - YourStory

Quick Summary:

Having brought in over 400 million users into the digital payments fold in just about eight years, the ubiquitous Unified Payments Interface (UPI) now seems poised to stamp a global footprint.

RuPay credit card usage on UPI, Pasumarthi believes, has unlocked merchant acceptance through the quick-response (QR) network pretty much overnight.“When RuPay credit cards opened up on UPI and players like PhonePe opened up merchant acceptance, the number doubled or tripled overnight,” she said.

The constructs around multi-factor authentication and how the UPI pin is still authenticated by the bank and encrypted through have all ensured trust in the ecosystem.“At PhonePe, we have built proprietary fraud detection platforms.to ensure that fraud is not an afterthought.’’ Gulrajani said.