Hyderabad: It goes without saying that digital transactions have taken off in India in a massive way. The purchase of every item from the milk packet delivered in the morning to buying veggies is being done through the Unified Payments Interface (UPI).
The emergence of UPI and its use have reduced people's dependence on cash. Cashless transactions through various UPI applications are highly preferred. N Chandrasekaran, Chairman of Tata Sons, recently shared his experience regarding these UPI transactions.
"When I went for a jog in the morning, I wanted to drink coconut water. Hence, I went to the store for them. But, the owner selling coconut water has no time to accept the cash. "Hence, he requested the customers to pay money through PhonePay or Google Pay," Chandrasekaran shared his experience at the B20 meeting.
Also read: UPI payments grow 80% in a year with over 2 billion payments: NITI Aayog CEO
Meanwhile, the National Payments Corporation India (NPCI) has stated in its report that by the end of December 2020, more than two billion transactions were done through UPI. In some cities, 99 per cent of auto and taxi drivers do not accept UPI payments. A netizen posted in this context saying, "Many shops and well-known companies do transactions in the form of cash." Another netizen shared his opinion on the 'X' platform saying, "In Bengaluru, everyone, who drives autorickshaws, uses three types of QR codes."
It may be recalled that people during the Covid-19 pandemic preferred contactless payments. Though a large number of people started using Unified Payment Interface (UPI) even before the pandemic, its usage increased manifold during and after the lockdown.
