If you walk through any Indian market, you’ll discover QR codes displayed at practically every pay register. It is a quick and easy way to pay. Consider utilizing the same strategy to transact in the Bangkok flea markets or the Ho Chi Minh City food court. There’s no need to worry about currency exchange or pickpockets. The India Stack digital infrastructure has already transformed access to banking in India, and it is now time to go global.
Our financial sector grew atop the India Stack’s Application Programme Interface (APIs) layer, with innovations like UPI (Unified Payment Interface) acting as growth accelerators. The government has launched an ambitious effort to modernise India Stack and make it a “Global Stack”. A logical extension to this mission is to take the Indian fintech ecosystem outside India
Being among the first to enter this market makes a significant difference. Consider the situation of American internet enterprises, the birthplace of the internet. These service providers began in the United States and gradually extended to markets like as India and China as internet usage increased. Today, Indian fintech faces a similar opportunity. Fintech organisations founded on the India Stack can reproduce their business model in other countries and grow into major international corporations headquartered in India, thereby extending the country’s soft power.
With forward-thinking rules, the Reserve Bank of India has encouraged the emergence of Indian fintech businesses. Card tokenization, credit card-UPI linkage, and customer-protecting digital lending criteria are all part of this. NPCI has also made efforts to expand UPI globally through collaborations with countries such as
