India Approved $320m to Promote Homegrown Payments Network

[{"selector":"#anim-05f28c56-f68c-4be0-ade2-e154953312f0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] New Delhi approved $318.4m for the promotion of RuPay debit cards and low-value person-to-merchant transactions on UPI.

[{"selector":"#anim-68a8c3d1-6b78-4135-a6e5-dc996b3cece0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] RuPay is India’s homegrown card network, promoted by the National Payments Corporation of India and also oversees UPI payments.

[{"selector":"#anim-560d31d1-592a-4f1a-839b-ab1e4daa0a8a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] RuPay is the only payments network whose credit cards today support linking to UPI.

[{"selector":"#anim-8702f585-6449-4d8c-b9dc-8dc6a0595128 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] UPI, a six-year-old payments network built by a coalition of banks, has become the most popular way Indians transact online today.

[{"selector":"#anim-072144b6-16d1-48a1-8e95-f7745fcb1a23 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Narendra Modi-led government’s move is to assuage the concerns of banks who have questioned the financial viability of the UPI network.

What's Next?

[{"selector":"#anim-63dc9a2f-da28-410f-9d7a-b7d446177270","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7c1a42f5-8380-42b7-9bd8-eb07e803fb7b","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6978531e-7b87-4af5-92d2-f0c071f0c462","keyframes":{"transform":["scale(1)","scale(1.05)","scale(0.995)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":400,"duration":1600,"easing":"ease-in-out","fill":"both","iterations":1}] Click to play story

India Approved $320m to Promote Homegrown Payments Network

What's Next?

Twitter Roll Out TikTok-like ‘For You’ Timeline on iOS