The shift to real-time payment infrastructure requires a focused effort, but the shift is inevitable. The time is now for all key stakeholders—financial institutions, core service providers, software companies, and application developers—to devote the resources necessary to support instant payments.
These people find it difficult to join the formal financial sector. UCBs can take a lead in bringing these people into the ambit of banking. 44. UCBs should re-design their business model in this regard and integrate their financial inclusion plan into their annual business plans.