Asbe wants to expand the UPI’s user base five-fold over the coming five years, to 500 million people from 100 million at present, or less than 8% of the population. The target would raise the proportion to about 38%, and bring the country closer to China, where WeChat Pay alone has 800 million users. — Bloomberg
The playing field in India’s rapidly expanding market for digital payments is poised to get more crowded as the country races to catch up with China in squeezing out the use of cash, according to the head of the South Asian nation’s payments network.
That means Indians will continue to face a bewildering array of payments apps provided by Facebook Inc, Google, Amazon.com Inc and others, in contrast to China where two home-grown technology giants dominate the market.
Limited time offer:
Just RM5 per month.
