亚开行-利用印度统一支付接口的经验教训促进亚太地区的数字化转型（英）-2024.4-8页

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ADB BRIEFS

NO. 

APRIL

2024

ISBN 978-92-9270-698-2 (print)

ISBN 978-92-9270-699-9 (PDF)

ISSN 2071-7202 (print)

ISSN 2218-2675 (PDF)

Publication Stock No. BRF240255-2

DOI: http://dx.doi.org/10.22617/BRF240255-2

Leveraging Lessons Learned from

India’s Unified Payments Interface

for Digital Transformation in

Asia and the Pacific

Jazira Asanova

Principal Operations Specialist

South Asia Department

Asian Development Bank (ADB)

Yonghwi Kwon

Financial Sector Specialist

(Digital Payment)

Finance Sector Group, ADB

Pratyush

Project Officer

India Resident Mission, ADB

John Owens

Senior Digital Finance Advisor

Digital Finance Advisory Services

In this publication, “$” refers to United States dollars and “₹” refers to Indian rupees.

KEY POINTS

• The Government of India’s

leadership in promoting

digital payments and the

balanced approach of

regulators helped the country

become a global leader in the

adoption of digital payments.

• Various initiatives, including

the Digital India program and

the BharatNet project, have

significantly helped India’s

internet penetration and

smartphone adoption.

• The Unified Payments

Interface (UPI) has

significantly impacted the

digital payment landscape in

India by promoting financial

inclusion.

• UPI helped reduce the use

of cash and checks in India

and the cost of financial

transactions, increase

the adoption of digital

payments by merchants

and consumers, and

improve the efficiency of

governmentservices.

• UPI has also supported the

growth of e-commerce and

other digital businesses.

Policies have supported the

growth of fintech companies.

• Developing interoperable

digital payment systems is

vital to addressing various

macroeconomic challenges,

especially financial inclusion.

Today, more than 330

banks and 25 apps use UPI,

including all third-party

payment providers.

INTRODUCTION

As digitalization rapidly transforms the financial landscape, lessons from India’s Unified

Payments Interface (UPI) offer valuable insights for the Asian Development Bank (ADB)

developing member countries (DMCs). Many countries trying to adopt digital payments

face multiple barriers. These include a lack of access to digital payments due to limited

payment infrastructure, low smartphone penetration rates, and expensive or poor internet

coverage. In addition, lack of clarity or poorly defined regulations often make it difficult

for digital payment providers to operate. Limited awareness of payment options among

consumers and small and medium-sized enterprises, a general lack of trust in these options,

and cost issues increase barriers to consumer and business adoption of digital payments.

India has tackled these barriers and challenges in unique ways but centered around the

launch of the UPI. UPI has had a significant impact on the digital payments landscape

in India, making it easier and faster for people to send and receive money. UPI has also

helped promote financial inclusion by making digital payments accessible to people of

all socioeconomic backgrounds.

India’s approaches, especially UPI, are highlighted in this brief, which aims to inform

DMC’s medium-term post-pandemic recovery plans and foster digital payment

innovation acrossDMCs.

ADB BRIEFS NO. 299

BACKGROUND

Like many countries, India faced several challenges and barriers

in adopting digital financial services. India launched the National

Electronic Funds Transfer system in 1998 to better support

payment infrastructure, enabling real-time electronic fund transfer

between bank accounts. This was followed by the launch of the

Real Time Gross Settlement system in 2004, which enabled

high-value electronic fund transfer between bank accounts

instantly; and the Immediate Payment Service in 2010, which

further expanded the fund transfer by enabling immediate

electronic fund transfer between bank accounts and mobile

wallets. The Aadhaar program was launched in 2010 by the Unique

Identification Authority of India, a statutory authority under the

Ministry of Electronics and Information Technology. Aadhaar is

a 12-digit unique identification number issued to all residents in

India based on their demographic and biometric information. The

program was launched to provide a unique and verifiable identity

to all residents in India, regardless of their socioeconomic status.

This was intended to help reduce fraud and corruption, improve

efficiency in the delivery of government services, and promote

financialinclusion.

In 2012, India launched the Aadhaar Payment Bridge System,

which enabled financial transactions to be linked to Aadhaar,

the national biometric identity database. Aadhaar Payment

Bridge System played a significant role in promoting access to

digital payments and financial inclusion in India. By providing all

residents with a unique and verifiable identity, Aadhaar made it

easier for people to open bank accounts and access other financial

services. This has been incredibly beneficial for low-income

and marginalized groups traditionally excluded from the formal

financial system. Prior to Aadhaar, many did not have proper

identification and were unable to fulfill the Know Your Customer

standards for financialinstitutions.

The Aadhaar-enabled Direct Benefit Transfer scheme has helped

reduce corruption and ensure that government subsidies are

delivered directly to the intended beneficiaries.

India Stack is the country’s digital public infrastructure and the

UPI functions as one of the components of India Stack and its

layers(Figure 1).1

UNIFIED PAYMENTS INTERFACE

Launched in April 2016, the UPI is a real-time payment system

developed by the National Payments Corporation of India (NPCI).

It facilitates interbank transactions through a mobile platform. UPI

allows users to transfer money between bank accounts and make

payments using a single identifier like a mobile number or a virtual

payment address without needing to enter or send bank account

details. It combines various banking features, seamless fund

routing, and merchant payments all into one platform. UPI has

since become India’s most popular digital payment system.

One of the key factors in the success of UPI is the consortium

ownership structure of NPCI, which is made up of banks and the

government. This public–private consortium helps NPCI play a

critical role in getting stakeholder support and instilling trust in the

system in the following ways:

Representation of all stakeholders. The ownership of NPCI is

spread across a wide range of banks and financial institutions,

representing major financial players of India’s economy. This

ensures that all stakeholders’ interests are considered when NPCI

makesdecisions.

Transparency and accountability. NPCI is a not-for-profit

public limited company incorporated under Section 25 of the

Companies Act. This structure allows NPCI to operate with

the flexibility and efficiency of a corporate entity while fulfilling

its not-for-profit objectives of developing and managing

the payment system in India. This ensures transparency and

accountability in NPCI’s operations.

Regulatory oversight. NPCI is regulated by the Reserve Bank of

India (RBI). This provides further assurance to stakeholders that

NPCI is operating in a sound and responsible manner.

Figure 1: India Stack and Digital Payment Components

Source: GST Suvidha Kendra. https://www.gstsuvidhakendra.org/introduction

-about-india-stack/.

1 India Stack is a set of digital infrastructure components that collectively aims to empower India’s digital economy and facilitate secure and efficient delivery of

public and private services to its citizens.

Aadhaar Enabled

Payment System

Bharat QR

Uniﬁed Payment

Interface

Immediate Payment

Service

eKYC

Aadhaar Pay

India

Stack

Leveraging Lessons Learned from India’s Uniﬁed Payments Interface for Digital Transformation

in Asia and the Paciﬁc

2 Interoperable payment systems are those that can communicate and exchange data with each other, allowing users to make payments across different systems

seamlessly (See ADB. 2022. Payment Systems Interoperability in Asia. Manila).

Figure 2: Evolution of Payments Industry in India

2014 2016 2017 2018 2019 2020 2021 2022 2023

PMJDY scheme

launched for

financial inclusion

400+ million accounts

UPI Launch UPI 2.0 Launch One time

mandate

BHIM 2.0 Launch

UPI Autopay Launch

UPI Cross-border Launch

UPI crosses 2 billion

transactions/month

RBI allows offline digital

payments

ONDC Launch

e-RUPI Launch

UPI Lite and UPI 123 Pay Launch

Transaction limit increased

to $2,700

Demonetization

BHIM Launch

UPI crosses 100 million

transactions/month UPI crosses 4 billion

financial

transactions/month

“Har Payment

Digital” initiative

Payment enablement

for foreign tourists and NRI

UPI on Credit

Introduction of

P2PM

3.6 billion

6.9 billion

15.8 billion 35 billion

Digital Transaction Volumes in billion

72.4 billion

10.88 billion 24.2 billion 44.2 billion 83.7 billion

BHIM = Bharat Interface for Money, NRI = non-resident Indian, P2PM = peer-to-peer-merchant, PMJDY = Pradhan Mantri Jan Dhan Yojana,

RBI = Reserve Bank of India, UPI = United Payments Interface.

Source: National Payments Corporation of India.

NPCI also has several initiatives in place to promote trust and

confidence in the system, which include the following:

Security. NPCI has implemented robust security and risk

management frameworks to protect its systems and data. These

frameworks are regularly reviewed and updated to keep pace with

the evolving cyber threat landscape.

Consumer protection. NPCI has a customer grievance redressal

mechanism in place to address any complaints or concerns. This

mechanism is fair, transparent, and timely.

Consumer education. NPCI conducts regular awareness and

education initiatives to inform stakeholders about its products

and services and the importance of cybersecurity and fraud

prevention.

These initiatives help strengthen NPCI’s reputation as a trusted

and reliable organization, which is essential for its success in

getting stakeholder support and in playing a critical role in India’s

paymentsecosystem.

UPI is an instant payment system where transactions are

processed and settled instantly. UPI is also interoperable and

can transfer money between accounts held at different banks.

Payment service providers and fintechs can also use UPI in

collaboration with banks.2

UPI can facilitate both peer-to-peer (P2P) and peer-to-merchant

(P2M) payments. P2P payments are transfers between two

bank accounts. P2M payments are used to make payments to

merchants, such as at stores, restaurants, and online. Growth

in P2P and P2M payments has been rapid, and this has led to

versatility of UPI. UPI has helped in:

• reducing the use of cash and checks in India;

• increasing the adoption of digital payments by merchants

and consumers;

• promoting financial inclusion by making digital payments

accessible to people of all socioeconomic backgrounds,

thereby increasing formalization in the economy;

• reducing the cost of financial transactions; and

• improving the efficiency of government services.

UPI has also played a key role in supporting the growth of India’s

e-commerce and other digital businesses and lending products.

The BharatQR scheme created a common QR (Quick Response)

code standard for all payment service providers and merchants

accepting digital payments to further support the expansion of

digital payments, including UPI. With the launch of UPI in 2016,

the payments landscape in India has grown rapidly and has paved

the way to innovation in the payments industry (Figure 2).

HIGHLEVEL GOVERNMENT LEADERSHIP

AND DIGITAL ROAD MAP

The Government of India has played a key role in promoting digital

payments in the country through its various initiatives. Two of the

most important initiatives are the Digital India program and the

BharatNet project.

The Digital India program, launched in 2015 and led by the

Prime Minister to transform India into a digitally empowered

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ADBBRIEFSNO9APRILISBNprintISBNPDFISSNprintISSNPDFPublicationStockNoBRF2DOIhttpdxdoiorgBRF2LeveragingLessonsLearnedfromIndiasUnifiedPaymentsInterfaceforDigitalTransformationinAsiaandthePacificJaziraAsanovaPrincipalOperationsSpecialistSouthAsiaDepartmentAsianDevelopmentBankADBYonghwiKwonFinancialSecto...

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