36 India Leading The Way For Digital Banking India has taken a number of steps that have ultimately enabled the launch of pureplaydigital banks, these include: 01 Aadhaar, launched in 2009 aims to provide a unique identification to all citizens of India. The authentication is based on biometrics and although this was originally intended to facilitate the delivery of government welfare services, it has now become an important part of customer onboardinganddigitalKYCverification 02 The United Payments Interface aims to make peer to peer transactions as CH fast and as easy as sending a text message. The other integral focus of UPI TE is interoperability (i.e. allowing transactions across banks). N I F F O TE TA S E TH Global FinTech Trends: India 36