Zerodha’s Nikhil Kamath heaped praises on India’s indigenous real-time payments system aka Unified Payments Interface (UPI) citing infographics and research insights from The Oddball.
What Happened? The co-founder of the largest stock brokerage in India took to Twitter on Wednesday to reveal how a lot of Indians have begun seeing UPI’s technological advantages, especially after visiting other countries.
“Everyone I know who has visited a western economy in the last few months can’t stop comparing how bleak everything is compared to India,” stated a proud Kamath.
“Incredible that Indian innovation could power critical backbones of foreign economies; kudos to the Indian government and all involved in UPI,” he added.
“Tables are turning slowly but surely,” remarked the entrepreneur in a subsequent tweet.
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Kamath also shared a few infographics along with his comments that highlight how the share of real-time transactions in India is expected to increase from 31% currently to 71% by 2026. The figures which cite an ACI Worldwide report, reveal that the increased share will help India save 1.12% in GDP.
The infographic also highlights UPIs increasing inclusivity towards NRIs and how foreign nationals from 10 countries can now use the payments system. It reveals how UPI is significantly faster than rival systems like U.S.’ FedNow and China’s WePay.
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