India has audacious plan to bring digital banking to 1.2b people

Bengaluru

INDIA is trying to yank its cash-based economy into the 21st century.

But how do you get 1.2 billion people, many of whom have never seen a bank or opened an account, to send digital payments to each other? The government's answer is an effort it has named the Unified Payment Interface. Debuting on Monday, it's a system designed to make transferring and receiving money as easy as exchanging e-mail or text messages.