Narendra Modi's UPI massive success; Mastercard, Visa Inc lose market share in India
India's payments system was alone among more than 40 countries tracked by Fidelity National to gain a top score of five for innovation and customer value.
India's payments system was alone among more than 40 countries tracked by Fidelity National to gain a top score of five for innovation and customer value.
Amazon.com Inc. and Jet Airways India Ltd. -- the nation's second-biggest airline by passengers -- are among firms that have integrated UPI into their apps in order to take payment from customers. Ola, a local rival to Uber Technologies Inc., Big Bazaar, a chain of stores run by billionaire Kishore Biyani, and incumbent mobile wallet leader Paytm Mobile Solutions Pvt. are other users. (Reuters)
Global card companies like Visa Inc. and Mastercard Inc. are losing market share to upstarts in the world's most innovative payments market: India.
Transactions through India's homegrown Unified Payments Interface — which allows mobile apps run by retailers, airlines and other firms to take payment directly from bank accounts — reached almost half the value of debit and credit cards swiped at stores last month, central bank data show.
The surge in UPI transactions has taken place since 2016 when the interface was set up by an umbrella organization of Indian banks. Mastercard, in contrast, has built up its business in India over three decades.
Amazon.com Inc. and Jet Airways India Ltd. -- the nation's second-biggest airline by passengers -- are among firms that have integrated UPI into their apps in order to take payment from customers. Ola, a local rival to Uber Technologies Inc., Big Bazaar, a chain of stores run by billionaire Kishore Biyani, and incumbent mobile wallet leader Paytm Mobile Solutions Pvt. are other users. (Reuters)
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