India’s last Tea Shop at 10500 feet near Indo-Chinese border
India is witnessing a sea-change of digital transformation, as people from all social backgrounds use the service for their day-to-day needs.
UPI Transaction done by scanning QR code
What are they using it for, you must be wondering? They are most effectively using it for money transferring. In this direction, the Unified Payment Interface (UPI) is a revolutionary product in the payment system. From tea-selling (chai-wala) vendors to businessmen, UPI is being used to send money to other bank accounts.
UPI Daily Product Statistics Trended November 2022
5860.29 million worth of transactions happening between Nov 1-24, 2022
(Source: National Payments Corporation of India shows data of UPI Transactions)
Transactions worth millions of rupees happen daily, but many doubted this success when it started on 11 April 2016
Chidambaram mocking UPI in Parliament
Chidambaram, India’s former finance minister, ridiculed it, unable to guess India’s people’s ability to use digital transformation for faster & easy payments from anywhere to anywhere in India.
Chidambaram mocking UPI in Parliament
https://twitter.com/i/status/1455828648783540227
https://twitter.com/renukajain6/status/1455481096515186690?lang=en
When we analyze why people like Chidambaram were unable to guess the pulse of people and why this UP transaction is now every household thing, that people accepted it for-
1) Being Secure- The digital transaction for transferring money from one account to another can only happen with the correct password.
2) Reliable- When people were given foolproof security with the facility of generating OTP (One time password) whenever a new bank is registered. Only a bank account in your name and mobile number is registered on UPI. With the OTP security feature, UPI is reliable.
3) Easy to transfer- The amount to be sent to a relative or a friend can be delivered, when the person provides you with the mobile number attached to the bank.
4) Easy to access- The UPI transfer, can be done by using various platforms like Phonepe, Google pay, Bhim app, Amazon pay, and Paytm by just integrating your mobile number linked with your bank account on that platform. A basic mobile internet facility is enough for UPI transaction.
Various UPI service providers
5) Fast and user-friendly- UPI money transfers can happen within a few seconds. Earlier the money transfer could only happen through Indian post money orders, banks (both private and public banks), ATM deposit machines, and money transfer centers.
A farmer at Rythu Bazar (vegetable shop), a tea seller at a tea stall, a barber at a cutting shop, a Kirana shop owner, to a big businessman for everyone this UPI has helped cut the cost of travel for sending money to the end user.
Of course, how can we explain these things to a Harvard Alumni who had only dollars to do transactions, and by the way Americans rue for not having a facility like UPI?
On record, India’s Last Tea Shop at 10,500 feet elevation, 50km away from Indo-Chinese border accepts payment through UPI, gleefully!
Indias last Tea Shop at 10500 feet near Indo-Chinese borders