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Growing Retail Digital PaymentsThe Value of Interoperability Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria NOTE/2025/004 Growing Retail Digital PaymentsThe Value of Interoperability Prepared by Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria June 2025 ©2025 International Monetary Fund Growing Retail Digital Payments: The Value of InteroperabilityNote 2025/004Prepared by Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria* Cataloging-in-Publication DataIMF Library Names: Copestake, Alexander, author. | Kirti, Divya, author. | Martinez Peria, Maria Soledad, author. |International Monetary Fund, publisher.Title: Growing retail digital payments : the value of interoperability / Alexander Copestake, Divya Kirti, and Other titles: The value of interoperability. | FinTech notes (International Monetary Fund).Description: Washington, DC : International Monetary Fund, 2025. | Jun. 2025. | NOTE/2025/004. | Includes bibliographical references. Identifiers: ISBN:9798229014250 (paper)9798229015066(ePub)9798229015080(WebPDF)Subjects: LCSH: Digital currency. | Fintech. | Financial services industry—Technological innovations. Classification: HG1710.C6 2025 DISCLAIMER:Fintech Notes offer practical advice from IMF staff members to policymakers onimportant issues. The views expressed in Fintech Notes are those of the author(s) and do notnecessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION:Copestake, Alexander, Divya Kirti, and Maria Soledad Martinez Peria.2025. “Growing Retail Digital Payments: The Value of Interoperability.” IMF Fintech Note 2025/004,International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430publications@IMF.orgIMFbookstore.orgelibrary.IMF.org *The authors would like to thank Ritesh Shukla, Nikita Agrawal, Kapil Patil, and Harshya Matthews at the National PaymentsCorporation of India (NPCI) for sharing data and for many helpful conversations. The authors also thank Itai Agur, Tanuj Bhojwani,Daniel Björkegren, Luis Breuer, Markus Brunnermeier, Kamya Chandra, Nada Choueiri, Sonja Davidovic, Harald Finger, DeeproGuha, Srinivas Gynedi, Vikram Haksar, Paavi Kulshreshth, Nikhil Kumar, Rohit Kumar, Xavier Lavayssiere, Nicola Limodio,Tommaso Mancini-Griffoli, Filippo Mezzanotti, Sudip Mohapatra, Nandan Nilekani, Anca Paduraru, Divyanshu Pathak, ManasaPatnam, Dinar Prihardini, Guillermo Galicia Rabadan, Karthik Raghupathy, Pallavi Rao, Marco Reuter, Krishna Srinivasan, NujinSuphaphiphat, Jay Surti, K Vijayakumar, Yao Zeng, and seminar participants at the IMF for helpful comments and discussions.Cage Englander and Ariadne Checo de los Santos provided excellent research assistance. Contents Introduction ..................................................................................................................................................................6Context: India’s Unified Payments Interface .............................................................................................................8Conceptual Framework .............................................................................................................................................11Direct Benefits of Interoperability for Users ...................................................................................12Indirect Benefits for Users through the Impact on App Providers..................................................14Evidence on Benefits of Interoperability for Users .................................................................................................15Direct Benefits for Users ................................................................................................................15Indirect Benefits for Users through the Impact on App Providers..................................................17Evidence on Overall Adoption ..................................................................................................................................19Maintaining Choice over the Long Term..................................................................................................................23Conclusions and Policy Implications.......................................................................................................................25Appendix. Additional Figures and Results ..............................................................................................................26References..................................................................................................................................................................30 BOXES Box 1. Interoperability and Unified Payments Interface....................................................................................