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The Truth About UPI Going Global

In this debate, we try to unpack UPI, India’s fintech revolution, examining some of its international competitors, and also trying to better understand the future potential that this incredible digital payments infrastructure has. 0:00 Intro 1:04 Understanding India Stack 3:08 Aadhar - Precursor to UPI 5:40 Birth of UPI 8:21 UPI competitors globally 18:20 UPI's Growth in India 19:54 UPI Going Global 23:42 Future Potential of UPI 28:06 Future Predictions UPI traces its roots to, 'India Stack', which is a collection of digital infrastructures designed to propel India's progress across sectors like finance, health, and education. It originated as a response to the country's economic evolution. In 1991, India transitioned from a closed economy to an open one due to financial turmoil. This shift attracted foreign investment, boosting the GDP from $270 billion in 1991 to $1 trillion by 2006. However, this growth disproportionately benefited the wealthy, leading to the term "Billionaire Raj." Economic liberalization seemed to favor the affluent, causing inequality to rise. To address this, the government focused on financial inclusion. Initiatives like MNREGA aimed to guarantee employment and deposit money directly into bank accounts. But the lack of widespread bank access and owner identification posed challenges. In response, the government conceived an ambitious plan – assigning a digital identity to all Indians, manifested in the Aadhar system launched in 2009. Aadhar became the initial component of India Stack, facilitating secure identification and enabling access to services. This platform subsequently paved the way for a range of digital services and solutions, revolutionizing areas like e-commerce, digital payments, and more. Before UPI, IMPS (Immediate Payment System) was introduced as a real-time payment method but required complex processes, such as logging into a bank's website, entering account details, and lacked user-friendliness. While alternatives like NEFT and RTGS existed, IMPS was preferred for low-value transactions. The need for a more accessible interface led to the development of UPI (Unified Payments Interface). UPI aimed to simplify peer-to-peer payments, catering to consumer demands for ease of use. This move was driven by the rising popularity of digital wallets like Paytm and the realization that startups could convert users into digital natives. The central idea of UPI was to enhance security by decoupling payments from regular Internet banking. Users would authenticate only for transactions, ensuring the safety of the banking system. UPI's launch in April 2016 marked a turning point, initially showing slow adoption. However, its growth coincided with the revolutionary impact of Jio, which provided widespread access to high-speed internet. This accessibility empowered people to download various apps, including those related to digital payments. Ultimately, the UPI system's convenience and security, combined with increased internet availability, facilitated its integration into everyday transactions, ushering in a new era of digital financial interactions in India. The Unified Payments Interface (UPI) experienced significant growth in India, particularly during the pandemic, as the preference for digital payments over cash surged. The growth trajectory of UPI intensified since 2020, notably demonstrated by the personal experience of Pankaj who relocated to Bangalore during the lockdown and found ubiquitous UPI QR codes, even among street vendors and beggars. This trend expanded to remote areas, resulting in India's digital transactions surpassing China's by twofold and the US's by over tenfold by 2022. India's neighboring countries, Nepal and Bhutan, took the lead in adopting UPI into their payment systems. Nepal plans to integrate UPI as its primary real-time payment system, with technological assistance from India. Other nations like Singapore, Malaysia, Bhutan, and European and Arab countries have also started incorporating UPI as a payment method, largely influenced by their substantial Indian populations. This adoption addresses remittance challenges, replacing options like Swift or Paypal that incurred fees of 2-5% and delays of 1-2 days. The success of UPI has positioned India as a pioneer in digital payment systems, influencing neighboring countries and even distant regions with sizable Indian communities. Follow us on Social Media: Twitter:   / bwmillionaires   LinkedIn:   / backstagewithmillionaires   Instagram:   / backstagewithmillionaires   Podcast: https://open.spotify.com/show/5rGPalo...