[ad_1]
Synopsis
With products like Unified Payments Interface (UPI), India has one of the best payment infrastructures in the world. However, India remains largely a cash-driven economy, some reports putting estimates at over $800 billion of cash transactions by value and over 1.5 trillion by volume.
By Vineet ToshniwalLast week, the Reserve Bank of India (RBI) announced that it would enable offline payments in retail on a pilot basis. Offline payments are conducted without any network, using a value card where the money is stored on it. This is a big step forward for the Indian payments industry.With products like Unified Payments Interface (UPI), India has one of the best payment infrastructures in the world. However, India remains largely
- FONT SIZE
AbcSmall
AbcMedium
AbcLarge
To Read the Full Story, Become an ET Prime Member
Sign in to read the full article
You’ve got this Prime Story as a Free Gift
Access the exclusive Economic Times stories, Editorial and Expert opinion
Already a Member? Sign In now
Why ?
Sharp Insight-rich, Indepth stories across 20+ sectors
-
Access the exclusive Economic Times stories, Editorial and Expert opinion
-
Clean experience with
Minimal Ads -
Comment & Engage with ET Prime community -
Exclusive invites to Virtual Events with Industry Leaders -
A trusted team of Journalists & Analysts who can best filter signal from noise
[ad_2]
Source link