In the next two years, a bank can lend a vegetable vendor of a few hundred rupees which she will be able to repay at the end of the day. All this will be done via mobile in a matter of a few minutes and in fact, she'll have a number of firms offering her loans allowing her to pick and choose the one that suits her the best.

One of the biggest pieces of the puzzle to make this possible, digital payments, will soon be accessible to players -- banks, lending firms, mobile wallets, to begin tinkering with and build their services. The unified payments interface (UPI) that's being built by the National Payments Corporation of India along with a bunch of volunteers, will be launched for testing tomorrow.

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