Скачать или смотреть UPI's success killing innovation

UPI's immense success in India, with 10 billion free and instant transactions monthly, is paradoxically stifling payment innovation. Its free nature discourages new payment system development and investor funding for fintech startups, creating a public good disguised as a monopoly. Unlike China's competitive WeChat Pay and Alipay, Indian fintechs merely "wrap" around UPI, hindering genuine innovation in credit, investment, and social features. The lack of a revenue model means major players like Paytm and Google Pay lose money, prompting them to seek monetisation elsewhere. This success fosters complacency, making India lag behind global advancements in digital currencies and open banking. Sometimes, early success can become a significant limitation, solving payments but inadvertently harming the payment industry.

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