Why is UPI a pivotal moment for India?
summary
UPI is a production-grade, country‑wide payments backplane: ubiquitous API layer across banks that already wires major banks together, supports a four‑party acquirer/issuer model, and enforces economics like a reported 0.7% MDR cap. It separates authentication from authorization so PINs, OTPs, biometrics or third‑party identity proofs become pluggable, exposes VPAs for addressability, and lets non‑bank apps access customers’ bank funds via bank partnerships — functionality that is live and unlocking new fintech products.
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chapters (6)
- 0:00Introduction
- 1:50Why is UPI a pivotal moment for India
- 3:45What are the comparables in the world
- 6:15What are the benefits of UPI
- 10:42What is UPI really solving
- 19:08Questions
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