NUE may make India the cradle of cutting-edge global payment systems

The NUE will be a direct competitor to NPCI and develop the payments infrastructure for the country, similar to what NPCI has done

The unified payments interface, or UPI, will dominate its turf for many years to come, say experts, though the Reserve Bank of India (RBI) is tight-lipped on how many new umbrella entities (NUEs), alongside the homegrown National Payments Corporation of India (NPCI), will be allowed to operate.

The central bank has also not commented on how many applications it received, and the deadline for them ended on March 31.

UPI, the NPCI’s flagship payments platform, touched a record high both in terms of volume and the value of transactions in June after a slump in April and May. The platform recorded 2.8