Banking in India to leapfrog with implementation of Unified Payment Interface
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<strong>Bank<strong>in</strong>g</strong> <strong>in</strong> <strong>India</strong> <strong>to</strong> <strong>leapfrog</strong> <strong>with</strong><br />
<strong>implementation</strong> <strong>of</strong> <strong>Unified</strong> <strong>Payment</strong><br />
<strong>Interface</strong><br />
The government has been push<strong>in</strong>g us <strong>to</strong>wards becom<strong>in</strong>g a cashless society. This dream is com<strong>in</strong>g closer<br />
<strong>to</strong> reality <strong>with</strong> the Reserve Bank <strong>of</strong> <strong>India</strong> (RBI) expected <strong>to</strong> come out <strong>with</strong> the <strong>Unified</strong> <strong>Payment</strong> <strong>Interface</strong><br />
(Best Upi App). Apart from this, the adoption <strong>of</strong> the Aadhaar, which has enrolled over 1 billion, will<br />
usher <strong>in</strong> this evolution.<br />
The <strong>in</strong>struments are expected <strong>to</strong> grow the consumer and SME loan market from $600 billion <strong>to</strong> $3,020<br />
<strong>in</strong> the next 10 years, accord<strong>in</strong>g <strong>to</strong> a report by Credit Suisse.<br />
The <strong>India</strong>n payment system is expected <strong>to</strong> now <strong>leapfrog</strong> <strong>to</strong> digital where cost <strong>of</strong> transactions will be near<br />
zero. The report further adds the cus<strong>to</strong>mer ownership will rest <strong>with</strong> the best <strong>in</strong>terface providers and<br />
<strong>in</strong>cumbency <strong>of</strong> deposits will be challenged.<br />
A result <strong>of</strong> this there will be a change <strong>in</strong> the bus<strong>in</strong>ess models, which will be redef<strong>in</strong>ed and unserved<br />
markets will open up as f<strong>in</strong>ancial providers move from be<strong>in</strong>g data poor <strong>to</strong> data rich.<br />
Mobile bank<strong>in</strong>g is someth<strong>in</strong>g that is chang<strong>in</strong>g the ecosystem as barriers <strong>of</strong> access and reach break.<br />
Digitally empowered cus<strong>to</strong>mers can access <strong>in</strong>stantaneous payment options through authentication <strong>of</strong><br />
Aadhaar and compare and contrast products from multiple providers.<br />
Ultimately the survival will be <strong>of</strong> the quickest <strong>in</strong> this environment and they will best benefit from the<br />
$600 billion market. The report expects private banks <strong>to</strong> best benefit from this.<br />
Source:http://www.zeebiz.com/<strong>in</strong>dia/news-bank<strong>in</strong>g-<strong>in</strong>-<strong>in</strong>dia-<strong>to</strong>-<strong>leapfrog</strong>-<strong>with</strong>-<strong>implementation</strong>-<strong>of</strong>unified-payment-<strong>in</strong>terface-3614
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