Who is the first country that adopted the Indian UPI system?*
India.
Not only the first country but the only country.
Over 100 countries showed interest in UPI in 2016.
Six years later, not one has bought it.
Which is Exhibit 99 that interest is not action.
Purchase journey goes thru’ Awareness-Interest-Desire-Action stages.
97.5% of people who show interest don’t buy.
UPI is an example of A2A RTP (Account to Account Real Time Payment).
Many countries have launched their own A2A RTPs before UPI was launched in India and thereafter. In developed countries, they received lukewarm response due to the following factors described in Don’t Go Global Without Cracking The Value Proposition For Foreign Markets.
- Huge fillip given by government diktat
- Low credit card penetration
- Low POS terminal penetration
- Heavy friction and high rate of failed payments, caused by two factor authentication
- Cooling period and other cumbersome features of existing online payment methods
- 70% of the banking industry is government owned
- Majority of retail payments are made without queues
- Low penetration of desktop / laptop and broadband
- Zero MDR
When I last checked, UPI-owner NPCI has drastically scaled back its global ambitions for UPI and was planning to introduce it outside India only for Indians to spend from their Indian bank accounts while they travel to those countries.
https://twitter.com/s_ketharaman/status/1422943069306032136