It may seem unusual that India, a country where hundreds of millions of citizens lacked access to formal banking as recently as 15 years ago, could build a payment infrastructure that many of the world’s wealthiest economies have yet to match
South African Reserve Bank Governor Lesetja Kganyago has cited India’s Unified Payments Interface (UPI) as a model for Pretoria’s push to reduce cash usage. The government aims to build a free, real-time national payments system inspired by UPI’s success.
