Consumers are rapidly switching to non-cash payment methods that provide simple and convenient ways to transfer money across bank accounts
Rahul is finishing dinner with his friends at a suburban Mumbai restaurant. He calls for the bill, takes out his smartphone and uses his Quick Response Code (QR)-code enabled United Payments Interface (UPI) app to pay the bill. He clicks a picture of the bill and sends it to his friends on WhatsApp, who all transfer their share directly from their bank account to Rahul’s bank account using the payment button on WhatsApp. They call for cabs on their smartphones, all of which have been prepaid using their mobile wallets. On his way home, Rahul recharges his (direct to home) DTH connection, pays his electricity bill, orders groceries and makes the payment directly from his bank account using his UPI app. More than 10 payment transactions done, and no cash exchanged. This is not crystal ball gazing, but each of these transactions are possible today—right here in India.