Revolution in the digital payment system of Bharat
1 July 2023
"From the last blog on ‘An Insight into the Indian Stack’ we hope you have an...."
.....elaborated idea of what it is and how it works. As mentioned earlier, how India’s biggest company’s chairman says that “Data is the new oil” Adding to it Mr. Ambani said that “We are on the verge of exponential change”. And this was in the year 2017, today in 2023 it seems that he was very much correct.
We do see a drastic change in the digitalization ecosystem of Indians.
Let us start by giving you the storyline of the most successful digital revolution in Bharat - UPI. It has been a game changer for businesses in Bharat. People never believed in the idea of a Unified Payment Interface, until they saw QR codes with small businesses. Let us give you the entire background on actually, how a revolution was bought to the payment methods of India.
What is UPI?
It is a mobile payment system, wherein one can scan a QR code to make a payment. It was initiated in the year 2016 by the National Payment Corporation of India (NPCI). The base intention behind this was to make every Indian hold a bank account. Within a time span of 5 years, UPI has become the most used payment method.
Bharat’s market adopting UPI
At first, it seemed next to impossible, but with time the truth was revealed. From a tea stall to a five-star restaurant, UPI was used everywhere. Currently, around 200 Indian banks are connected to the UPI system launched by NPCI. We Indians are firm believers in “Customer is the king” and this is the primary factor why each and every business had to opt for UPI. This payment method is comparatively easy to use when compared to Cards, digital wallets, and bank transfers.
It is not just about a transformation in the payment system, but a revolution in the digitalization of India. It has given a smartphone to the hands of every Indian. From buying vegetables from a street-side vendor to buying stocks everywhere UPI is used.