Rajat Deshpande India took its first step towards the creation of India Stack over a decade ago. The ambitious project envisioned a full-fledged digital economy, bolstered by a unified software platform. One demonetisation policy and a pandemic later, our country seems to have taken to the digital movement like a duck to water. Over 72 billion digital transactions were recorded in the 2022 financial year. Digital lending platforms saw a 3X year-on-year increase in disbursals with INR 14,016 crore being deployed in the second quarter this year. It’s safe to say that these numbers are only set to rise in the coming years. And API banking will continue to play a crucial role in this trend. API Banking: A key component of the digitisation mechanism Banks have opened their application programming interface (or APIs), allowing FinTechs to build on existing technology, add features to them, and create new products. This development has contributed to fast-paced innovation that is quickly changing the way India transacts. Take UPI payments for instance: The service was launched in 2016 and today, it accounts for more than 50% of digital payments. UPI transactions grew 121% in value and 115% in volume between 2019 to […]
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