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India's UPI is also extremely quick and easy to use - instant transfers with just the person's phone number or via a QR code or via a UPI id which looks like an email id.

We are talking about 19-20 billion transactions per month.

Apart from UPI, there are other interbank transfers methods such as NEFT, IMPS, RTGS etc. All quite convenient and easy to use.

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In some setups UPI doesn't even internet! Just an SMS is sufficient

I can see the usability aspect, but using an insecure protocol like SMS for something like payment sounds like an absolutely awful idea.

RCS might work as it's a bit more secure (and more importantly: doesn't have a 2G/3G compatible version that criminals might trivially abuse); it even has an optional money sending API in its protocol.

People who are using upi over sms don't have a lot of money. Scamming them isn't worth the trouble.

The wallet doesn't allow you to keep more than ₹2000

There is UPI wallet (preload your wallet) that require no internet. But this still require a smartphone.

The SMS option is mainly to avoid requiring a smartphone. There is a huge population that do not have a smartphone.

Online UPI is IMPS, with a good UX

There is a transaction charge for IMPS which is not there for UPI. Also, IMPS only works against already pre-approved bank accounts

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