Indian policymakers have facilitated a payments ecosystem in the country like never before . n the past few years , digital payments have

I transformed the way

Indians conduct financial transactions , driven by the explosive growth of Unified Payments Interface ( UPI ). Indian policymakers have facilitated a payments ecosystem in the country like never before , that consumers have begun to come to terms with a new ease of transacting , which has also thrown up challenges of its own .

2024 saw significant changes in the payments landscape , with frameworks drawn for features like conversational voice payments , credit lines , UPI vouchers and UPI Circle . These enhancements aim to improve user convenience and broaden the adoption of digital payments . UPI has also become a global role model in payments , with several countries in Asia ,

Africa and South America engaging the National Payments Corporation of India to develop digital payment systems modelled after UPI , with launches anticipated by early 2027 . 2024 also saw the Reserve Bank of India conducting a digital currency pilot , with major payment firms like Google Pay , PhonePe and Amazon Pay seeking to participate , indicating a move towards integrating central bank digital currencies ( CBDCs ) into the payment ecosystem .

As a provider of digital payments like UPI to enterprise clients , Phi Commerce envisages five key payment trends to emerge in 2025 , after consistent deliberations with its ecosystem partners . These touch upon the emerging growth of AI-enabled fraud prevention tools , growing popularity of cross border payments , unified lending interface , www . intelligentfin . tech

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