Growth of India’s UPI Outshines Top P2P & P2M Systems Globally

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P2P and P2M systems – one of the key segments where FinTech and banks have significantly overshadowed government-launched, digital real-time payment systems. The PayPals, Venmos, and Zelles have been enjoying their leading positions in their respective markets – the situation was similar in India, where private wallets enjoyed the lead in the Indian market until the NPCI (National Payments Corporation of India) launched UPI (United Payments Interface) in 2016, which turned out to be a game-changer for the digital payments space in India and led to a drastic shift from traditional cards and wallets to account-based payments. In a recent study conducted by Sensor Tower, it was revealed that three Indian P2P/P2M payment apps are on top 10 FinTech apps downloaded worldwide, of which Google Pay (Tez) and PhonePe occupy the first two positions respectively. BHIM (UPI) holds the eighth position in the list. In the last three years since…

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