Open instant-payment systems in India offer an alternative both to the bank/card model in the rich world and to the closed fintech one in China. That’s why it’s inspiring other emerging economies
, Aadhaar and the payments stack,” Sundar Pichai, Google’s, has marvelled. Overall, it processed over $1trn in transactions in 2022, equivalent to a third of India’sIt was bolstered by the government’s surprise “demonetisation” of 2016, when multiple high-denomination banknotes were discontinued.also benefited when covid left consumers scared of cash. It has grown from around 17% of 31bn digital transactions in 2019 to 52% of 88.4bn transactions by 2022.
The benefits of digital finance tend to be bigger in emerging economies than in the rich world, says Saurabh Mukherjea of Marcellus, an asset manager. That is because people in rich countries already have access to most modern financial services through well-kept record systems, as well as assets that can be collateralised. The hope is thatand similar systems might now let some poorer countries leapfrog the West.
That open payments reduce the likelihood of a similar Indian giant emerging is partly by design. “Withoutwe’d get something like Ant without the tools to deal with it,” says one Indian grandee, referring to the inability of the government to curb monopoly abuse.
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