Greetings friends of Steemit and Steem Nations
These QR codes are synonymous with UPI (digital payment system) revolution in India. All one has to do is scan, type in the amount and make the payment. Within seconds it's done.
When we pay online we don't have to worry about the problem of cash. We need not to carry cash. We stay comfortable and safe.
To do this over a billion people required a building of an enormous amount of infrastructure. India makes the highest number and amount of digital payments in the world.
Most Indians didn't have bank accounts. I don't know how to send money. They used to send money by the Post Office. Mobile has revolutionized the Indian digital payment system. Your phone will be your UPI effectively.
The unified payment interface or UPI was launched in April 2016. UPI was based on India's digital identity project or AADHAAR. Bank services were linked with aadhar number to enable millions to open the bank account via their mobile phone. And when foreign countries are looking at it. This is what they are saying that the move from a pure cash economy to a digital economy.
We think money is just transduction but money is also freedom.
India makes more UPI payments than the next four leading countries combined leaving behind China and the US. It's estimated that India will make a billion transactions daily between 2026-27.
It is a platform of API based open system without any monopolistic approach where many stakeholders can participate.
Experts point out challenges of digital inclusion. There's still only one woman among three who have mobile excess in India. Over 70 percent of the population in India has poor or no connectivity to digital services. 94 percent of India's villages are covered by at least one mobile tower. However coverage doesn't always mean that the handset within that village is connected to a network. While for India sky is the limit but for many the quest is still to find internet.
Before I conclude I would like to invite three fellow Steemians to participate in the contest
@crismenia
@eveetim
@georgitsachev
Thank you for visiting the post.
This is an extraordinary invention by the Indian government. This is really helpful.
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Thank you so much for visiting.
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