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In India, the local payment landscape has evolved significantly with the introduction of various digital payment solutions that cater to the diverse needs of the population. Among these, the Unified Payments Interface （UPI） has emerged as a revolutionary product, enabling instant money transfers between bank accounts through mobile platforms. UPI allows users to link multiple bank accounts to a single mobile application, facilitating seamless fund routing and merchant payments. Additionally, products like Paytm, PhonePe, and Google Pay have gained immense popularity, offering features such as bill payments, recharge services, and online shopping. These platforms leverage the widespread adoption of smartphones and internet connectivity, making financial transactions more accessible to both urban and rural communities. The government\“s initiatives, such as the Digital India campaign, have further accelerated the adoption of these local payment products, promoting a cashless economy and enhancing financial inclusion across the country. |
