Inside UPI: How India is bringing mobile banking to 1.3 billion people

India is embarking on an ambitious project that hopes to bring banking to every smartphone user in the country.

For decades, the country of more than 1.3 billion people has struggled to bring hundreds of millions of its citizens to a bank. The penetration of bank accounts, and by extension, debit cards and credit cards remain low in the country. But its new audacious payments system could bring banking and financial services to its entire population

India has launched a new payments system called Unified Payment Interface, or UPI, which is designed to make person-to-person and e-commerce transactions swifter and easier. Doing transactions, the government says, will be as easier and as faster as sending a text message. …

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Via: Mashable: Tech

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