The UPI effect: Why Indian banks need to up their cloud game in 2020

In the experience economy, we live in a world of ‘Insta-Everything’. Finance platforms have become so effortless and interoperable that it is easy to innovate and disrupt with a simple idea. But are banks catching up? What’s their 2020 game plan going to be?

Banks today are under strong pressure to both perform and stay relevant in the market at the same time, thanks to rapid innovations in the sector. Take the introduction of India’s very own payments platform, UPI (Unified Payments Interface). It has simplified and democratised payments to such an extent that the entry point for anyone to build a brand-new UPI payments app is very low.