Unified Payment Interface (UPI) has changed the transaction system in India. From local grocery stores to street vendors to global companies, most of them are using it to make payments and Indian residents, government and Diaspora have high hopes with the UPI payment system which has all the potential to become a next global business icon.
Various business organisations, governments and entrepreneurs from Indian origin are now working to replicate this system in their country of work.
Chile-based entrepreneur Amit Sudani who runs a travel app says India has created a massive workforce, and has CEOs in global companies, but it has not been able to produce global icons like Google, Facebook that have created massive difference in the lives of the human race.
He further added that he sees such potential in India’s UPI payment systems that can change the entire financial system of the world. “I am exploring ways to replicate this model in my country. I am trying to understand the business model of India’s wallet companies, infrastructure and their sustainability,” Amit revealed.
India tops world ranking in digital payments. UPI has become one of the best real time ecosystems with nearly 6 billion transactions a month. The UPI transactions surged to record 782 crore in December 2022 worth Rs. 12.8 crore in December 2022.
Diaspora from the business fraternity see this growth as career opportunities. Businessman Rahul Jain, co-founder of Cape Town-based Peach Payments said he works towards facilitating cross-border trade between India and South Africa. To enable Indian business to sell products to South Africa business, he is exploring possible ways to enable Indian payments in South Africa similar to the way UPI payment has been launched in Mauritius.
India’s Minister for Youth Affairs and Sports encouraged the entrepreneurs and start-ups to take this system to their respective countries maintaining it will be a very useful technology to grow their business and create more opportunities. “If it can work in India, it can work anywhere in the world,” Anurag Thakur said.
India-based entrepreneur and founder of OYO, Ritesh Agarwal credits his success to India’s UPI payments that made transactions very convenient. Oyo is India’s earliest and well known unicorn start-up. ”It is because of the UPI system that my company is a unicorn now,” Ritesh told New India Abroad.
”Indians are global leaders in the adoption of technology and find solutions to current problems,” says V. Murleedharan, Minister of State for External Affairs while crediting their unique quality of adaptation as a major reason behind UPI’s success.