UPI had been known more for running up high volumes in peer-to-peer (P2P) payments with the P2M piece accounting for 20-30%. That seems to have changed with social distancing norms and lockdowns across the country compelling
"Competition in payments is getting mature and when you see challengers, they all will find what is it they stand for. Payment is so fundamental as a business that it will inevitably have n number of players,” Vijay Shekhar
In an effort to increase the penetration of credit systems in India, digital financial service provider Paytm said that it is working on building ‘Next Generation Credit Cards’, partnering with various card issuers.