Shriram Transport bids to go cashless via HSBC UPI
The Indian finance company takes on its main cash management challenge – pushing customers to pay by smartphone in a country where cash is still king.
India’s effort to become a “cashless” society is being driven by the central bank’s rollout of a national payment system intended to digitise a large portion of the country’s financial transactions. The system, which links participating banks and their corporate clients through a single mobile application known generically as the Unified Payments Interface (UPI), allows for single-swipe fund transfers and merchant payments.
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