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Unified Payments Interface: An Amazing Proposition from NPCI

India has 250 million people who have accessed the Internet at least once and 300 million smartphone users. For a lot of people, Internet access was made available for the first time via the mobile phone. India is now quite ready for all kinds of technological and digital disruptions. The online buying revolution is in the 5th year, with e-commerce already clocking $16 billion (including online travel booking) and new categories like on-demand food ordering, taxis and on-demand task/errands kind of services are growing fast in the top cities. Yet, today, only 35 million people pay through digital channels. There are only 21.3 million credit cards and a large number of debit cards which most people have not used for online transactions (as they think that the debit card is an ATM card only). Therefore, 60% of the commerce transactions go through cash on delivery which is a bad state of things but a huge problem to solve and P2P is even worst.

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