Observations - India The introduction of UPI has been a game changer in the Indian FinTech scene. There has been a convergence of interest of various stakeholders, which has created an enabling environment for the development of mobile payments — the regulations on Payments Banks, the Central Government’s focus on financial inclusion and the near universal coverage of Aadhaar as a digital identity. While closed loop platforms with remittances at the core CH of their proposition have worked successfully in other TE parts of the developing world, similar attempts in India N I F have had limited success. A standardised interoperable F O system such as the UPI is a necessity for a multi- TE stakeholder ecosystem such as India. TA S E TH Global FinTech Trends: India 42