Digital disruption is paving the way for newer, more agile
banking models and India is becoming the poster child for banks all over the
world. Between the innovations in mobile and social banking, and progressive
regulations, India has managed to leapfrog the legacy systems and processes
that burden most banks in the world. One
of the most recent technology led revolutions in the banking front in India,
was the launch of Unified Payments Interface (UPI), by the National Payments
Corporation of India (NPCI). The UPI has the promise to be a game changer in
the era of cashless payments. Imagine a scenario where you don't have to jump
through all the hoops to make a payment, and just need a unique ID, similar to
an email ID, to make a payment. Imagine a cashless transaction, that doesn't
require you to type out your credit or debit card details.
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