In what has been hailed as a ‘WhatsApp moment for Indian banking' by Nandan Nilekani, the Unified Payment Interface, or UPI platform of the National Payments Corporation of India (NPCI) went live on August 25. The system allows a customer to transfer funds in an instant, using virtual payment addresses.
In this podcast, Dilip Asbe, the man behind what could be a revolution in India's payments space, and the chief operating officer at NCPI, talks about the technological challenges of implementing a project of such scale in India. He also adds that while the response to the UPI has been promising, all existing payment systems will continue to co-exist in the Indian market.
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RBI's Unified Payment Interface Is Now Live: This Is How it Works for Customers
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