UPI came and UPI ruled! Within 4 years of its launch, UPI trumped past ATM withdrawals and credit card transactions. It has continued to widen the gap through the years.
Satadru Das
1d
As quick as it got into dominance, with the same pace UPI will lose it's market if they introduce transaction charges for payments below ₹2,000
The real silent deal is credit cards silently have crept up in last 8 years as well N Upi is not ominous These ones might be If not checked
UPI has an exciting future ahead, and it's just getting started. Here’s how it’s going to reshape digital payments in the coming years: Cross-border payments to make international transactions easier. Offline payments for areas with low internet connectivity. UPI for credit with integration of credit lines and BNPL services. Voice-enabled payments for easier access, especially in regional languages. Investments and financial products directly through UPI. Auto-debits for recurring payments like subscriptions and bills. Smarter fraud detection powered by AI for secure transactions. Digital rupee integration for seamless digital currency transactions. More merchant payments with UPI leading the P2M space. New features like UPI Lite for quicker, smaller payments. Growing merchant tools that make UPI adoption even easier. UPI is set to do wonders - get ready for more magic in the coming years!
Rajani saxena
23h
I’ve given up my credit/debit cards, Cash and switched entirely to UPI. But of course, we wouldn’t want to start taxing that, would we? #indiangovernment #indiantaxsystem #tax
Anshum Aman
3h
Insightful
With the rise of UPI, debit and credit cards may be facing their twilight.
Md Nasim A.
21h
It's Not 4 years It should b e 8 years ago from 2024
Adil Majeed
23h
Interesting point to note is even though the upi transactions have increased considerably the ATM withdrawals have been almost constant.
Co-Founder @ Fabits | Wealth creation is simple - build good financial habits (Fabits)
1dGreat insights, especially as Visa faces lawsuits in the US for monopolizing the debit market. Visa, a dominant force in the payment network space, has stifled innovation to safeguard its business and revenue. By forming agreements with companies like Apple, PayPal, and Square, Visa has turned potential competitors into partners, suppressing competition and hindering innovation—all at the expense of American consumers and merchants of every size. Credit must be given to the Indian government, the RBI, and the startup ecosystem, especially Paytm, to drive innovation in this space and make payments cost-effective and efficient.