Infosys chairman said, 26 crore Indians are using UPI.
Nandan Nilekani, Infosys Chairman and Founding Chairman of UIDAI (Unique Identification Authority of India) has commented on UPI (Unified Payment Interface) and Aadhaar linked payment systems in India. He said that both these services have brought “dramatic changes” in consumer behavior and consumer usage. They say that around 400 million people use these digital technologies in the country.
Speaking at The India Advantage Summit 2022 in Bengaluru, he said, “Around 400 million people are using digital mode to withdraw money from their accounts. Roughly around 40-45 percent of Indians are using the digital format. 10 years ago it was zero percent. It’s a dramatic shift in consumer behavior and consumer usage that has become very powerful.”
He said roughly 26 crore people are using UPI and another 15 crore people are using Aadhaar linked payment system to withdraw money from their bank accounts.
UPI (Unified Payments Interface) payment service was launched in India in 2016. Today it is the most popular payment service in the country. UPI recorded 657 crore transactions in August. The National Payments Corporation of India (NPCI) said that under this, transactions worth Rs 10.72 lakh crore have taken place in the country.
He also said that Indians and small businesses can use the digital footprint on their salaries, expenses and transactions to get credit. Nilekani said, “One billion people in the country can access their data and 20 million businesses can access their data. The ability of people to use their data is called data empowerment. Historically, physical assets have been pledged to avail loans.”
Nilekani’s comment comes at a time when the Indian Software Products Industry Round Table (iSPRIT) – the think tank for the Indian software products industry – is creating the Open Credit Enablement Network (OCEN). It will work for the public to give loans through the app.
