Sunil Rongala said a big thing on the success of UPI

IANS INDIA

UPI has transformed the payment landscape in India. It allows micro-merchants to accept digital payments. Now UPI is available in many foreign countries like Singapore. It makes life easy for Indian tourists, says, Sunil Rongala, Senior Vice President - Strategy and Innovation - India at Worldline  #UPI #Indianeconomy #digitalindia #Singapore #upifintech

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00:00UPI has transformed the payments landscape in India tremendously.

00:06If you look at the last four years, UPI is the single most transformative payment channel that has come up in India.

00:15One of the main reasons why UPI has come up, has been so transformative,

00:21is that it has enabled transactions, micro-transactions.

00:28It has transactions secured and most importantly,

00:34it has allowed small merchants, micro-merchants in tier-3, tier-4 cities to start accepting transactions.

00:42So, in that sense, the digital payments accessibility,

00:48which was hitherto restricted to cards and primarily to urban,

00:53may be some rural centres have now spread very, very deep into India.

01:00You can go into small villages in maybe Nagpur Pradesh or Uttar Pradesh

01:06and you will be able to pay through UPI and you will actually be able to see merchants.

01:12Primarily, that's because the merchants are trusting of the payment channel,

01:17as well as people are also very trusting of the payment channel.

01:21In terms of how it's transforming globally, for Indians especially who are travelling,

01:27we now can pay in multiple countries.

01:31We started in Singapore and in the Middle East, you can now pay in some countries through UPI.

01:40Berlin is also happy to participate in this because we will soon be responsible for launching UPI

01:49throughout Europe and Germany as well.

01:53So, it makes life much easier for a lot of Indian tourists,

01:57where they will be able to pay through their UPI channels.

02:01The method of payment will also be much easier for them and also much cheaper for them.

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