Anand Mahindra reacts as India’s ‘Last Tea Shop’ joins digital payment ecosystem. View Post


The Indian digital payment ecosystem is a revolution and a case study for the whole world. Several countries have started adopting UPI for person-to-person (P2P), person-to-merchant (P2M) and cross-border payments, such as Nepal, Singapore, Bhutan, Japan, Europe, Philippines, Vietnam, Cambodia and Hong Kong. , Taiwan, South Korea, etc.

Also on the home front, the United Payments Interface (UPI) has penetrated big cities, small towns, cities, districts and villages. On Saturday, industrialist Anand Mahindra shared a post on Twitter that showed the reach of the digital payment ecosystem. The Twitter post shared an image of a woman with a UPI QR code scanner at her tea shop. The photo was taken in Mana village, the last village in India located at 10,500 feet above sea level in Uttarakhand.

Anand Mahindra retweeted the image and wrote “a picture is worth a thousand words”. The Chairman of Mahindra Group expressed his joy and praised India’s digital payment ecosystem. He wrote, “This captures the jaw-dropping scope and scale of India’s digital payments ecosystem. Jai ho!”. He also added three cheering emoji.

The village of Mana lies on the banks of the Saraswati River and about 5 km from Badrinath. The last Indian village is 24 km from the Indochinese border.

According to the latest data released by the National Payments Corporation of India (NPCI), transactions through UPI increased by 7.7% to 730 crore in October. And, the total value amounted to more than 12.11 lakh crore in October.

The data itself explains that India is the pioneer of the digital payment revolution.

Recently, the Managing Director and Managing Director of the National Payments Corporation of India (NPCI), Dilip Asbe, launched a UPI automatic payment offering Elon Musk to take care of the monthly payments.

“No worries, India has UPI AutoPay (7M new collection warrants approved/month) to collect anytime/month/quarter or annually as you wish dear twitter,” Asbe wrote in response to the tweet from Musk, also tagging the microblogging site.

“All complainers, please keep complaining, but it will cost $8,” Musk said in a tweet.

The Unified Payment Interface (UPI) operated by NPCI has been at the center of Indian digital payments history and has taken the electronic alternative to new heights.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

Source link

Elaine R. Knight