Mission to Digitise Fast Growing Asian Economies | Product Strategist | Onalytica Top 15 Global Fintech Leader | Views personal, not employers
Apr 16 • 12 tweets • 3 min read
Digital Rupee (e₹) Adoption is about to get a major boost! Fintech Firms to Join the Party!
The Reserve Bank of India @RBI is opening doors for non-bank payment system operators (PSOs) to offer CBDC (Central Bank Digital Currency) wallets.
Thread 🧵1/ Why Governments Are Bullish on CBDCs
Central Bank Digital Currencies (CBDCs) are catching the eye of governments around the world, and for good reason. One key feature driving this interest is programmability.
Unlike traditional cash, CBDCs can be designed to restrict how they are spent.
According to Global Payments Report 2024, by Worldpay
• Cash may be king in some parts of the world, but in India, digital wallets are rapidly becoming the preferred payment method,
• This innovative shift, driven by the ubiquitous UPI (Unified Payment Interface), is transforming the world's most populous market and has the potential to reshape global payments.
🔖Save this post NOW
Thread 🧵
𝗞𝗲𝘆 𝗦𝘁𝗮𝘁𝘀 𝗮𝗻𝗱 𝗙𝗮𝘀𝘁 𝗙𝗮𝗰𝘁𝘀:
𝗣𝗼𝗽𝘂𝗹𝗮𝘁𝗶𝗼𝗻: 1,417,173,000 (A massive market primed for digital adoption)
𝗚𝗗𝗣 𝗣𝗲𝗿 𝗖𝗮𝗽𝗶𝘁𝗮: $2,388 (Rising disposable income fuels e-commerce and digital payments)
𝗘-𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗲 𝗦𝗶𝘇𝗲: $117 billion (7th largest globally - and growing)
𝗣𝗢𝗦 𝗦𝗶𝘇𝗲: $2.02 trillion (3rd largest globally - ripe for digital disruption)
Sep 12, 2023 • 13 tweets • 4 min read
UPI, India’s real-time payment system, crossed 10 billion monthly transactions in August 2023.
But it has set an ambitious target of achieving 100 billion transactions per month in the near future.
How will it do that?
Read on to find out.
Thread 🧵
1/ Lets dive into UPI Growth by Numbers first
UPI achieved a 55% YoY growth in transaction count and an impressive 41% YoY growth in transaction value. The adoption rate is skyrocketing!
Jul 8, 2022 • 16 tweets • 9 min read
How does India 🇮🇳 Pay ₹?
who emerges as the Digital Payments Leader among UPI, credit Cards, debit cards, prepaid wallets and prepaid cards?
A thread 🧵
A report from Q1 2022, by @WorldlineGlobal confirms that UPI P2M transactions emerged as the most preferred payment mode among consumers with a market share of 64% in volume and 50% in terms of value.
(1/n)
Jun 8, 2022 • 11 tweets • 5 min read
The *next* UPI moment for India's Retail Digital Payments has been announced- Credit cards can now be linked to your UPI, starting with RuPay
A Thread 🧵
UPI is India's leader in digital payments with 60% market share in only 5 years of launch breaching the $1 trillion mark in payment volume only recently.
First, the upsides
Jan 31, 2022 • 11 tweets • 5 min read
UPI largest retail payment system in India and UPI volumes have exceeded ATM Withdrawals since April 2020: Economic Survey Of India 2021-2022. Could this finally mean India prefers #DigitalPayments over cash? A thread 👇
1. Unified Payments Interface (UPI) is currently the single largest retail payment system in the country in terms of volume of transactions, indicating its wide acceptance In December 2021, 4.6 billion transactions worth ₹8.26 lakh crore were carried out by UPI.