The Journey of Payments and Clearing Systems in India
Finextra
JUNE 11, 2025
Early Electronic Initiatives (late 1980s/early 1990s): Limited electronic fund transfers began to emerge, mainly within banks or for specific corporate clients, but were not widely interoperable. Unified Payments Interface (UPI) (2016): The game-changer. Its simplicity, interoperability, and low cost made it an instant success.
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