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Bengaluru auto-rickshaw driver uses smartwatch with QR code scanner for UPI payments, showcasing digital payment adoption.
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UPI transactions see 37% jump from last year, processing ₹81 lakh crore worth of transactions from April to July.
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Survey reveals 75% of UPI users may stop using the service if transaction fees are introduced.
In a heartening display of India’s digital payment progress, an auto-rickshaw driver in Bengaluru has gone viral for using a smartwatch with a built-in QR code scanner to collect fares via UPI. The photo, shared by MyGov India, highlights the seamless integration of technology in daily life, earning praise from netizens and Union Minister Ashwini Vaishnaw.
India’s Unified Payments Interface (UPI) has witnessed spectacular growth, adding 6 million new users every month. Between April and July, UPI processed ₹81 lakh crore worth of transactions, marking a 37% increase from the previous year. NPCI CEO Dilip Asbe predicts UPI could reach 100 billion transactions over the next decade.
However, a recent survey by LocalCircles raises concerns about the potential impact of introducing transaction fees on UPI usage. A staggering 75% of respondents said they would stop using UPI if charges are imposed, citing the current zero-cost transactions as a key factor in its widespread adoption. Only 22% of users are open to paying fees for UPI transactions.
This development underscores the significance of digital payment systems in promoting financial inclusion and convenience in India.
UPI का swag🤘
Payments made super easy. pic.twitter.com/eBc1Fg3hOr— Ashwini Vaishnaw (@AshwiniVaishnaw) September 21, 2024
