Learning from Brazil and India’s Instant Payment Systems by Polina Kempinsky published by Mossavar-Rahmani Center for Business & Government (5/2025).
“This PAE addresses the question, “What can be learned from Brazil and India’s instant payment systems for other countries aiming to introduce similar systems?”. It does so by reviewing the systems in both countries and creating a guidebook for policymaking, focusing on organizational decisions. The background for this work is the successful implementation of instant payment systems in Brazil and India – Pix and UPI, respectively. These systems have enhanced financial inclusion, driven fintech growth, and become the dominant payment method in their countries. However, their implementation has also led to challenges, such as increased fraud and a disruption of the power balance between traditional financial institutions and newly emerged players, such as fintechs and payment system providers…”
Payment Systems Report published by The Reserve Bank of India (12/2024).
“Over the past few years, digital payments in India have witnessed a phenomenal growth buoyed by the spectacular progress of Unified Payments Interface (UPI) and the plethora of digital payment options available. From the nascent digital payment ecosystem, comprising mostly of traditional card based digital payments, it has transformed to an ecosystem offering a bouquet of digital payment options catering to every need of the Indian consumer – instant payment systems (UPI, IMPS), small value payment systems (PPI, UPI Lite), large value payment (RTGS), bill payment (BBPS), bulk payment (NACH), offline payment (UPI Lite X), government payments (NACH, APBS), toll payments (NETC) and many more…”
UPI: Revolutionizing Digital Payments in India published by Ministry of Finance (2024).
In October 2024, Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India’s digital transformation. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the nation’s payment ecosystem by integrating multiple bank accounts into a single mobile application. This system enables seamless fund transfers, merchant payments, and peer-topeer transactions, offering users flexibility through scheduled payment requests.
