The poster child of driving innovation at a massive scale in India is not a private entity.
It is National Payments Corporation of India (NPCI) -an Indian state-owned organization that operates retail payments and settlement systems in India.
Currently, there are over 300 million active users of UPI, but NPCI is still raring to grow its base of active users- driving inclusivity and convenience at an unprecedented scale. 🏃♂️
It has been contemplating on how to get young consumers and elderly into its fold and pursuing the same NPCI officially launched ‘UPI Circle’ last week at the Global Fintech Fest in Mumbai
UPI Circle – is a delegated payment method where the primary user can give permission to a secondary user to undertake transactions. The primary user can either authenticate each transaction or set a limit of up to INR 15000 within which any transaction can go through without any nod.
This can open up so many use cases and get millions of new users into the UPI ambit 📈
From a time when our nationalised banks were a source of jokes for their extended lunch breaks to today- when a state owned entity like NPCI is inspiring a generation of entrepreneurs to push the envelope and build at scale – India has truly come a long way ❤️
Data Source: ET
