2020年经济学人 印度金融——UPI(1)（在线收听）

When India was hit both by the failure of a big bank and a nationwide lockdown in March,

今年3月，当印度受到一家大银行倒闭和全国封锁的双重打击时，

bankers, fearing runs from rattled depositors, rushed to stuff cash machines with notes.

由于担心储户挤兑，银行家们急忙往提款机里塞钞票。

In fact the demand for cash was relatively subdued. Activity hummed along the Unified Payment Interface (UPI),

事实上，对现金的需求相对较低。在电子支付网络—统一支付界面（UPI）上活跃的交易

an electronic-payments network that is on its way to becoming the country's financial lifeline.

正逐步成为印度的金融生命线。

In the past two years three big banks or shadow banks have imploded.

在过去的两年里，三家大银行或影子银行已经破产。

The severe economic disruption caused by covid-19 will only make lenders' burden of bad loans heavier. Against this grim backdrop, UPI has shone.

Covid-19疫情对经济造成的严重破坏只会加重银行的不良贷款负担。在这种严峻的背景下，UPI脱颖而出。

In November Google wrote to the Federal Reserve urging it to endorse a similar model for America.

去年11月，谷歌致信美联储，敦促其支持美国的类似模式。

The Bank for International Settlements concluded in December that India's digital financial infrastructure

12月国际清算银行总结称，印度的数字金融基础设施

has the "potential to transform emerging markets and advanced economies alike".

“具有改革新兴市场和发达经济体的潜力”。

Before UPI was set up in 2016, cash reigned supreme. A large share of the population had no bank accounts, limiting card payments.

UPI成立于2016年，在此之前，现金是最重要的。很大一部分人没有银行账户，这限制了信用卡支付。

Now hungry passers-by can pay for snacks like dosas and vada pav from street vendors using apps on their phones.

现在，饥肠辘辘的行人可以用手机上的应用程序从街头小贩那里购买薄饼和印度素食汉堡等小吃。

At the start of 2020 nearly 1.3bn electronic payments were made each month, more than those using plastic.

2020年初，印度每月有近13亿笔电子支付，超过了信用卡的支付量。

They accounted for 19% of banking transactions in the year to March 2019.

在截至2019年3月的一年里，它们占银行交易的19%。

Saurabh Tripathi of the Boston Consulting Group predicts that they will account for 59% of transactions within two years—three times the share of ATM withdrawals.

波士顿咨询公司的Saurabh Tripathi预测，两年内，电子支付将占交易量的59%——是ATM机提款份额的三倍。

UPI usage dipped for the first time in March; that was followed by a fall of 20% in April.

3月，UPI使用量首次下降；4月份又下降了20%。

The collapse reflects the enormous drop in activity as the country shut down.

这种大崩溃反映了该国封锁后，经济活动的大幅下跌。

Data for March suggest that the number of credit-card transactions fell further than that of digital payments, suggesting that UPI still gained market share.

3月份的数据显示，信用卡交易量的降幅超过了数字支付，这表明UPI的市场份额仍在增长。

The government has also used UPI to make emergency transfers to street vendors. A new programme is expected to be rolled out in June.

政府也在使用UPI向街头小贩进行紧急转账。一项新计划预计将于6月推出。

This will enable companies to give workers vouchers that can be redeemed by labs testing for covid-19.

该计划将使得公司能够向员工发放代金券，这些代金券可以通过covid-19检测实验室来兑现。

The payment system rests on the Aadhaar card, an identification system with which the fingerprints and irises of more than a billion Indians are registered.

支付系统依赖于Aadhaar 卡，这是一种识别系统，超过10亿印度人的指纹和虹膜都在此登记。

Take your card to a bank, as hundreds of millions of Indians have, and you can set up an account;

和数亿印度人一样，带着你的卡去银行，你可以在开一个账户；

you also become a "known customer", clearing a regulatory hurdle. You can then, either through your bank or using various apps,

你也成为了一名“已知客户”，没有了监管障碍。然后，你可以通过你的银行或使用各种app，

send and receive funds instantly from anywhere in India.

从印度的任何地方立即收付资金。