Business Standard

Fintech for every merchant

Fintech firms have created an ecosystem of trust and supportiveness for merchants, by helping them with creative solutions and innovative products

UPI
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Ketan Patel
With 25.5 billion real-time payment transactions in 2020, India outpaced every other country, according to a report by ACI Worldwide. It was followed by China (15.7 billion) and South Korea (6 billion), with the United States at ninth place with only 1.2 billion transactions. Growing customer acceptance of digital payment technologies, merchant education and acceptance, along with state-backed schemes, played a crucial role in our dominance.

What began over a decade ago with the Immediate Payment Service (IMPS) has evolved into a much easier solution with Unified Payments Interface (UPI) and digital cards. These verticals and technologies have advanced sufficiently to
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