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National Payments Corporation of India and the Remaking of Payments in India

The lessons learned from the NPCI success story can be useful for policy makers in financial inclusion and other markets. Some factors illustrated in the NPCI story include:

  • An industry-led approach to ownership and governance, with strong regulator backing.
  • Competitive economics through a utility model, mixed with smart growth and a start-up culture.
  • A strategy of incremental, open-source product development.
  • A government/regulator that uses carrots and not only sticks.
  • A government/regulator that balances caution with progress.
CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, we test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. We research and experiment to achieve proof of concept and extract lessons that can be built to scale by our partners, who apply our insights in the marketplace.