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The Role of Nonbanks and Fintechs in Boosting India’s UPI Person-to-Merchant Transactions

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Abstract

Unified Payments Interface (UPI), a mobile-based instant payment system in India, has grown substantially in the last few years. Indians initially used UPI for person-to-person (P2P) payments, but today use UPI more for person-to-merchant (P2M) payments. Nonbanks and fintechs have contributed to the rapid growth of UPI P2M payments by providing third-party apps, merchant services, and consumer credit, as well as enabling UPI P2M payments to expand beyond India’s borders.

Suggested Citation

  • Aditi Routh, 2024. "The Role of Nonbanks and Fintechs in Boosting India’s UPI Person-to-Merchant Transactions," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-6, August.
    • Handle: RePEc:fip:fedkpb:98812
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    References listed on IDEAS

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    1. Nicolas Crouzet & Apoorv Gupta & Filippo Mezzanotti, 2023. "Shocks and Technology Adoption: Evidence from Electronic Payment Systems," Journal of Political Economy, University of Chicago Press, vol. 131(11), pages 3003-3065.
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