{ "docId": "019dd923-5ca1-7489-b63a-735f47a4f33f", "docSlug": "81492cf0a01adebf", "documentTitle": "Decoding Instant Payments Emerging Markets", "authorId": "PwC", "authorName": "PwC", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.334, "pageNumber": 21, "pageCount": 37, "prevPage": 20, "nextPage": 22, "slideType": "diagnosis", "function": "diagnose", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a structured text-based analysis of the UPI ecosystem, including a quote from Sundar Pichai.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019dd923-5ca1-7489-b63a-735f47a4f33f/21", "deckHref": "/decks/019dd923-5ca1-7489-b63a-735f47a4f33f", "deckJsonHref": "/decks/019dd923-5ca1-7489-b63a-735f47a4f33f.json", "deckAnchorHref": "/decks/019dd923-5ca1-7489-b63a-735f47a4f33f#slide-21", "components": [ { "bbox": { "h": 0.65, "w": 0.35, "x": 0.4, "y": 0.14 }, "kind": "paragraph", "text": "Accessibility for non-smartphone users: To cater to users who do not have smartphones or internet access, UPI has introduced UPI 123Pay function for users who would like to make a UPI-based payments, without internet connectivity.\nOpenness\nUPI in India is accessible to a wide range of users, ensuring convenience and inclusivity in the payment system. UPI enables a real-time payments platform that allows easy and instant money transfers from any bank account in India. Not only traditional banks can offer UPI. Non-banks, including fintechs and big techs, can also offer UPI payment initiation services to their customers. UPI also provides several authentication options, including a unique Mobile Personal Identification Number (MPIN) required to authenticate a transaction. Additionally, biometric identification, PIN number, and device recognition are used to access the UPI app. These options reduce the authentication process's complexity and time.\nPayment Functionality\nRequest to Pay (RTP) is a feature in UPI that allows users to generate payment requests and receive funds from others. RTP follows the traditional steps where the beneficiary initiates a payment request, selects the payee, generates and sends the payment request, receives the payee's response and authorization, and finally receives the notification and acknowledgment.\nRTP in UPI simplifies the process of invoicing, bill splitting, or requesting funds from individuals or businesses. It provides a convenient way to send and receive payment requests, streamlining transactions, and promoting digital payments in India.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2539572c-5940-48ef-890d-a73bce4cb8ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.22, "x": 0.04, "y": 0.17 }, "kind": "paragraph", "text": "Using the evaluation framework, we analyzed the UPI ecosystem.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4fa014a4-754e-4400-9f1c-985965e361b7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.65, "w": 0.35, "x": 0.04, "y": 0.22 }, "kind": "paragraph", "text": "Adoption boosters\nAddressing\nAs mentioned in Section 1, with UPI ID, users generate their unique ID, usually composed as follows: name/phone@bank. This ID allows users to access UPI services seamlessly. Additionally, the accessibility of UPI in India aims to ensure that users from various backgrounds and technological capabilities can conveniently and securely access the benefits of digital payments. The key details of accessibility for UPI are:\nSupported devices: UPI can be accessed through smartphones, tablets, and feature phones. It is available on both Android and iOS platforms, allowing users with different types of devices to access UPI-enabled apps.\nMultiple language support: Some UPI apps are designed to support multiple languages, including English and many regional languages of India. This enables users across different regions of India to access and use UPI in their preferred language, enhancing usability and accessibility.\nVirtual Payment Address (VPA): UPI uses VPA as a unique identifier for users. They are similar to personalized email addresses associated with bank accounts, making it easy for users to share their payment details without revealing sensitive information like bank account numbers. With VPAs being the only information required for transactions within the UPI ecosystem, the payment process has become much more convenient and streamlined for users.\nUSSD (*99#) banking: In addition to mobile apps, UPI can also be accessed through USSD banking. Users can dial *99# from their mobile phones and follow the instructions to access UPI services, even on feature phones with no internet connection. USSD banking allows users to perform basic UPI transactions using simple text-based menus.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cbf43dfe-88d6-470e-86f2-51310613ccc1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.2, "x": 0.76, "y": 0.14 }, "kind": "quote", "text": "India’s UPI allows both domestic and global players to develop mobile payment applications. As such, it lowers the barriers to entry, especially for smaller firms, thus leveling the playing field.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "32b54a7e-094b-4e0a-8b2c-aabb16f4554f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "India’s UPI allows both domestic and global players to develop mobile payment applications. As such, it lowers the barriers to entry, especially for smaller firms, thus leveling the playing field. - Sundar Pichai, Google CEO.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd951-dfa2-7185-b395-e269d88299a5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.32, "x": 0.04, "y": 0.14 }, "kind": "title", "text": "Analysis of Instant Payments ecosystem", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2fba38f7-1ef5-4ca5-bfce-76b656b2839c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "from": 10, "beatId": "988ec881-8876-4b2e-bef4-d5cae08a7671", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The document provides case studies, country insights, and industry trends to support its analysis.", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }