CheqUPI (YC S23)’s Post

UPI: A Global Phenomenon 🚀 Do you remember the early days of UPI, when it was a relatively unknown payment system? Fast forward to today, and UPI has become a global sensation, revolutionizing the way Indians transact. With over 10 billion transactions per day, UPI has not only transformed the domestic payment landscape but has also captured the attention of the world. UPI's journey began in 2016 intending to provide a simple, secure, and cost-effective payment system. Its user-friendly interface and ability to work with different banks quickly made it a popular choice among Indian consumers. As UPI gained popularity, it spread like wildfire, becoming a common payment method across the country. The success of UPI has not gone unnoticed beyond India's borders. Countries around the world have taken note of its potential to transform their payment systems. Many nations are exploring the possibility of adopting similar models, inspired by UPI's success. Key Factors Contributing to UPI's Success: • Easy to use: UPI's simple and intuitive interface has made it accessible to everyone. • Works with all banks: UPI can be used with any bank, making it a convenient option for all. • Government support: The Indian government has strongly supported UPI, promoting its adoption and addressing challenges. • Growing digital literacy: More and more people in India are using technology, which has helped UPI become popular. As UPI continues to grow, it has the potential to unlock even greater value for both consumers and businesses. By expanding its use cases and integrating with other digital services, UPI can further drive financial inclusion and economic growth. UPI's journey from a new payment system to a global phenomenon is a testament to its innovation and user-friendliness. As India continues to lead the way in digital payments, UPI's impact on the world stage is likely to grow even further. #UPI #digitalpayments #India #fintech #technology #innovation #convenience #inclusion

🚀 The UPI Revolution: India's Digital Payments Game Changer! 🇮🇳💸 In just a few years, Unified Payments Interface (UPI) has transformed the way India transacts, making cashless payments a part of everyday life for millions! 📱💰 Launched in 2016, UPI has grown to become one of the most successful digital payment systems globally, enabling over 10 billion transactions monthly! 🏆 What makes UPI so revolutionary? 🔹 Simplicity & Speed – Real-time payments at the tap of a finger! ⏱️ 🔹 Inclusivity – From urban centers to rural villages, UPI connects everyone! 🏙️🏞️ 🔹 Innovation – Seamless integration with apps, QR codes, and even voice commands! 🗣️🤳 🔹 Global Recognition – Nations worldwide are taking cues from India’s digital prowess! 🌍👏 The UPI story is a testament to how technology can drive financial inclusion, boost economic growth, and empower every individual – a true digital revolution! ✨🌐 And this is just the beginning… What's next for UPI? 🌟 Equivaluesearch Saumitra Mondal #UPI #DigitalRevolution #Fintech #IndiaGrowthStory #FinancialInclusion #DigitalPayments #Innovation #FutureOfFinance #TechForGood #GlobalLeadership #CashlessEconomy #UPIRevolution

I recently had an incredibly unique interaction at Invest India! At my role in the Americas team we engage with foreign missions and consulates to further bilateral relations, trade, and investments. Recently, I had a Latin American delegation of students that had come in and while I was accompanying them for a sightseeing visit they were bemused to witness how fast and convenient purchasing goods from UPI was. While they had a general understanding of UPI, they were impressed to know how I was able to pay offline without being connected to my bank account. I was using MobiKwik Pocket UPI and went on to explain them the evolution of UPI over time and the several use cases Pocket UPI has had for me over traditional UPI formats: - Pay online and offline to absolutely any QR, something which was not a possiblility with any other app (a lifesaver) - Not have to worry about technical glitches associated with bank server downturns - Having the option to accept inbound payments directly in my wallet or bank - Keep my savings account clean for tax filings (my CA was very relieved when he saw the this years statement compared to the mess it was last year xD) It’s instances like these which really fills me with pride of the sheer technological progress we’ve made over the past few years. What do you think of the transformative UPI Story? Let me know in the comments :D #Payments #PocketUPI #MobiKwik

It's fascinating to see how India's UPI has taken the world by storm, becoming a model for other countries. But why haven't these nations developed their own version of this tech marvel? The answer lies in the success and efficiency of UPI. Since its inception in 2016, UPI has transformed the digital payment landscape in India, with a staggering 7.82 billion transactions recorded in March 2023 alone. The simplicity, security, and interoperability of UPI are key factors that have led to its widespread adoption. From my personal experience, UPI has made financial transactions seamless and hassle-free. Whether it's splitting dinner bills with friends or paying for online services, UPI has become an integral part of my daily life. It's no surprise that countries like the UAE, Singapore, and Bhutan have shown interest in adopting this technology. The success of UPI goes beyond just numbers, it's about creating a digital payment ecosystem that is inclusive and accessible to all. It's a testament to the power of innovation and how a single idea can revolutionize an entire industry. So, while other countries might have the capability to develop their own digital payment systems, the proven track record of UPI makes it a preferred choice. After all, why reinvent the wheel when you have a formula that works? #UPI #DigitalPayments #Innovation #Fintech

In a world where cash was king, #UPI India - Unified Payment Interface dared to dream of a digital destiny. Despite the challenges of infrastructure, literacy, and trust, UPI India weaved a magic of convenience, security, and inclusivity enabling seamless transactions in over 22 official languages (yes languages not dialects😮) I believe its a MAGICAL transformation and my experience this trip is even more fascinating on how a #digitaltransformation at a large scale ''I Mean its LARGE (Directly & Indirectly impacting over a Billion people) can be successful provided it adds value to all stakeholders. Some fun facts about UPI which are quite interesting and insightful... 👉 UPI has over 300 million monthly active users, making India the world's largest real-time payment market. 👉 UPI transactions account for 46% of all global instant payment transactions. 👉 UPI enabled over 2,348 transactions per second in 2022. 👉 Around 70% of UPI users are from places other than Tier-1 cities, and over 80% of newly registered users originate from Tier-2 cities. 👉 The total annual value of UPI transactions in India reached ₹182 lakh crore in 2023, equivalent to $2.2 trillion. 👉 Countries such as Brazil, Bahrain, Saudi Arabia, Singapore, the United States, and the European Union are exploring options to implement a UPI-like system in their domestic markets. Let's celebrate the #powerofinnovation and the impact it has on our lives! India's UPI story is a reminder that digitalization is not just about technology, but about people, progress, and the potential to create a better world for all. We at Your Product Passport also take some inspiration from this and aim to add value through technology for a better #sustainableworld for all of us. 🌍🌱 ps - A picture from a local vendor who I paid through UPI which was seamless. #innovation #fintech #DigitalIndia #UnityInDiversity #FinancialInclusion

When I started my MBA in early 2016, UPI was just making its debut. At the time, most of us, including myself, didn’t fully grasp the potential of this new payment system. Fast forward to a few weeks ago during my trip to Indonesia, where I struggled to shop in local markets because they didn’t accept cards and often lacked change. It struck me how fortunate we are in India to have UPI—a payment method that’s not only systematic and secure but also incredibly user-friendly. It’s astonishing to learn that we’re now handling nearly 50 crore transactions per day! To put that into perspective, it’s more than the entire population of the USA, the third most populous country (34.5 Cr). The success of UPI is a testament to integrating financial inclusion with Aadhar authentication and the widespread use of mobile internet. India’s digital payment ecosystem is a remarkable example of how strengthening core assets and capabilities can lead to transformative change and inspire globally. Jai hind🇮🇳

Exciting to see the massive scale of India's software export industry, with a staggering $250 billion in annual exports, of which over $240 billion is attributed to pure play IT Services. This goes beyond just 'IT' or 'Services' and represents a significant and largely unexplored industry. As we at Atrinomy continue to contribute to this booming sector, we invite you to explore the opportunities and innovations driving this success with us. Let's dive deep together. #ITServices #SoftwareExports #IndianEconomy #Atrinomy https://lnkd.in/gA8da6MP

India's UPI Revolution: A Global Game-Changer ✅ India's UPI (Unified Payments Interface) has transformed the way we transact, making digital payments accessible to even the most remote corners of the country. From street vendors to dancers and watchmen, UPI has become an integral part of daily life. This revolutionary system has not only fueled India's economic growth but has also set a new global standard for seamless and secure digital payments. As India continues to innovate and expand its UPI infrastructure, it's becoming increasingly clear that the rest of the world is playing catch-up. In a few years, we may see countries like the US struggling to keep pace with India's digital payments revolution. What are your thoughts on the future of UPI and its impact on the global economy? #UPI #DigitalPayments #India #Innovation #EconomicGrowth

Ateesh Tankha makes a reasonable argument that there has to be a viable commercial model to support the continued scale of UPI. Sadly, I think that horse has bolted. Getting people to pay for what was free is going to be next to impossible. Here are a few practical concerns. Merchants have hitherto blindly accepted UPI payments; both payer and payee have a seamless experience. We'll now see arguments and friction between customers who want to use credit VS merchants who don't want to pay a fee. Merchants - especially the smaller ones - are smart. They'll start splitting bills, keeping each under INR 2,000 if forced to accept. Larger merchants who have scale and margins may accept this as a cost of doing business in return for a higher ticket size. Ironically, this may end up penalizing smaller merchants more than helping them. Zero seemed a good starting point; sadly it's also an end-point. Beware the law of unintended consequences. National Payments Corporation Of India (NPCI) #UPI #digitalpayments #MDR #consumerbehavior #payments

December 2023 marked an unprecedented milestone in India's fintech industry. A record-breaking 12.02 billion digital transactions were processed, as per the National Payments Corporation of India (NPCI). What does this mean for the FinTech industry in India? [1] This number is a demonstration of how the Unified Payments Interface (UPI) has revolutionized India's financial fabric. [2] UPI is impacting everything from metropolitan businesses to small vendors in tier 2 and tier 3 cities. [3] It’s reflecting a significant shift in consumer behavior and financial technology, with accessibility and convenience for the masses in India. [4] This shift isn't just a convenience. It’s impacting at a deeper level, bringing more inclusive financial integration within Indian society. India is emerging as a global leader in digital payments. And it’s not just numbers, I’ve observed it firsthand last week. Two of my friends are living in a European country from last one year, When they share the efficiency of UPI with locals, they’re often shocked. Because digital payments has not yet penetrated the European markets as well as it has in India. When my friends moved to this country, it took them some time to get used to the personal financial landscape there. Because it took them more time and effort to perform the same transaction that they could do in seconds and minutes in India, because of products like UPI. How has UPI changed your life in India? #upi #rupay #npci