'India's success with UPI offers replicable model for other nations'
The paper, which runs into 67 pages, titled 'Open Banking and Digital Payments: Implications for Credit Access' was authored by Shashwat Alok, Pulak Ghosh, Nirupama Kulkarni and Manju Puri.
Among key highlights of the paper are that UPI has enabled underserved groups, including subprime and new-to-credit borrowers, to access formal credit for the first time.
In regions with high UPI adoption, loans to new-to-credit borrowers grew by 4 per cent, and to subprime borrowers by 8 per cent, the paper claimed.
Unified Payment Interface is India's leading digital payment platform. Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. Among others, a key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it.
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