Digital payment services have undeniably transformed the way we carry out transactions today. Of late, several applications have emerged in India that allow cashless and secure digital payments without much hassle. Highlighting this growing digital payment market, industrialist Anand Mahindra has shared an intriguing picture on Twitter.
The photo features a country-wise list of digital payment systems showing “how consumers pay around the world.” Among other countries, India can also be spotted in the list with the digital payment platforms named next to it including UPI (Unified Payment Interface), RuPay, Paytm, PhonePe, Google Pay, and VISA.
“‘A picture is worth a thousand words.' India's success in creating a unique digital payments ecosystem is simply stunning. Leaders always find new and different pathways; the rest of the world follows…” the Chairman of the Mahindra Group wrote.
‘A picture is worth a thousand words.' India's success in creating a unique digital payments ecosystem is simply stunning. Leaders always find new & different pathways; the rest of the world follows… pic.twitter.com/YPslzr782s
— anand mahindra (@anandmahindra) October 19, 2022
The post has garnered a lot of attention on social media. A user wrote, “Visa is a leader worldwide. But I think it needed a stronger competitor from the tech stack. Going forward Visa would get disrupted and local players of each country will emerge. UPI in India has been able to dent their universe.”
Visa is a leader worldwide.
— Shweta (@TrustScore_1) October 19, 2022
But I think it needed a stronger competitor from the tech stack and controls of govt point of view.
Going forward Visa would get disrupted and local players of each country will emerge.
UPI in India has been able to dent their Universe
Another wrote “UPI is a groundbreaking innovation touching millions of our lives every single minute. Its impact is parallel to the one created by the advent of the Internet. What is your take?”
UPI is a ground breaking innovation touching millions of our lives every single minute. Its impact is parallel to the one created by the advent of internet. What is your take?
— MKB (@ManasBagaddeo) October 19, 2022
Many hoped that India will dominate the digital payment system market in the future.
India should soon penetrate the digital payment market heavily...
— tap (@tap_ks) October 19, 2022
Referring to the picture, some asked if the Google Pay application is only in India.
Google Pay available only in India?
— Vinod S (@thevinodzz) October 19, 2022
Agreeing with Mr Mahindra, a person wrote, “Yes, indeed. India as a new generation technology hub and unicorn powerhouse, creating the way of life we will be leading in future.”
Yes, indeed. India as a new generation technology hub and unicorns powerhouse, creating the way of life we will be leading in future.
— Rahul Mishra (@RahulKMishra16) October 19, 2022
Payments through UPI crossed a milestone of Rs 11 lakh crore in September, as per data released by the National Payments Corporation of India (NPCI).
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