What I find interesting is how India’s financial inclusion push under the Jan Dhan Yojana (National Financial Inclusion Mission) led to unexpected consequences.
The government aimed to offer zero-cost bank accounts to extremely low-income citizens and needed zero cost debit cards to make them functional. Rumor has it they asked Visa and Mastercard to waive fees and both declined. Even Indian banks reportedly pushed back.
So India doubled down on RuPay, its domestic card network. What started as a fallback turned into a fintech revolution. Over 559 million bank accounts were opened under this mission, most powered by RuPay.
Ironically, if Visa or Mastercard had agreed, RuPay might never have taken off.
What are the right resources, you would suggest someone if he had to setup his servers properly. Will really appreciate if you can refer some books/videos/articles. Thanks.
You can have phone_number@paytm or phone_number@bank as you vpa is you prefer that, also UPI API, you can search users with phone number so if i want to send money to a friend and I know his no I can search his VPA/s
Paytm will be one of the leaders with the new Ecomm model. I am sure they will be a huge player in ecomm also dont forget they would be the largest bank in India.
The government aimed to offer zero-cost bank accounts to extremely low-income citizens and needed zero cost debit cards to make them functional. Rumor has it they asked Visa and Mastercard to waive fees and both declined. Even Indian banks reportedly pushed back.
So India doubled down on RuPay, its domestic card network. What started as a fallback turned into a fintech revolution. Over 559 million bank accounts were opened under this mission, most powered by RuPay.
Ironically, if Visa or Mastercard had agreed, RuPay might never have taken off.