Google Pay releases set of Whitepapers - Mentions UPI as the top RTP system in the world

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             The full form of RTP in Fintech parlance is “Request to Pay” payment processing mechanism.

World over, there are a variety of RTP mechanisms.

            The Google Pay Whitepaper counts 54 RTP’s in various countries.

            The Whitepaper released in November 2019 was today shared by Steve Klebe on LinkedIn today.

            The highlight of the Whitepaper is the stupendous growth of India’s UPI (Unified Payment Interface) system.

            The total transactions via UPI in October 2020 was more than 2 billion and the volumes keep on growing.

            UPI has become the default payment mechanism for the majority of Indian bank account holders.

             

            UPI is present everywhere and is accepted by the majority of merchants of all sizes.

UPI is also making inroads in the social sector, with religious institutions too accepting donations via UPI.

 

Source Article: https://static.googleusercontent.com/media/pay.google.com/en//about/business/static/data/gpay-rtp-2019-whitepaper.pdf

Disclaimer: These are my personal views only. The sole objective is ‘LessCashNotCashLess’

 

 

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