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Business News/ News / India/  Anand Mahindra reacts as India's 'Last Tea Shop' joins digital payment ecosystem. See post

Anand Mahindra reacts as India's 'Last Tea Shop' joins digital payment ecosystem. See post

Transactions through UPI rose 7.7% to 730 crore in October

UPI scanner code at India's last tea shop in Mana village, UttarakhandPremium
UPI scanner code at India's last tea shop in Mana village, Uttarakhand

India's digital payment ecosystem is a revolution and a case study for the entire world. Several countries have begun adopting UPI for person-to-person (P2P), person-to-merchant (P2M), and cross-border payment such as Nepal, Singapore, Bhutan, Japan, Europe, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, etc.

On the domestic front also, the United Payments Interface (UPI) have penetrated big cities, small cities, town, districts, and villages. On Saturday, industrialist Anand Mahindra shared a post on Twitter that showcased the reach of the digital payment ecosystem. The Twitter post shared an image of a woman with a UPI QR code scanner in her tea shop. The photo was shot at Mana village, India's last village located at 10,500 ft elevation in Uttarakhand.

Anand Mahindra retweeted the image and wrote, "a picture is worth a thousand words". The Mahindra Group chairman expressed delight and lauded India's digital payment ecosystem. He wrote, "This captures the breathtaking scope and scale of India’s digital payments ecosystem. Jai ho!". He also added three applauding emoji.

Mana village lies on the banks of the Saraswati river and is around 5 km from Badrinath. The last Indian village is 24 km from the Indo-China border.

According to the latest data released by the National Payments Corporation of India (NPCI), transactions through UPI rose 7.7% to 730 crore in October. And, the total value stood at more than 12.11 lakh crore in October.

The data itself explains that India is the trailblazer in the digital payment revolution.

Recently, National Payments Corporation of India (NPCI) managing director and chief executive Dilip Asbe pitched a UPI autopay offering to Elon Musk to take care of the monthly payments.

"No worries, India has UPI AutoPay (7 Mn new approved collection mandates/month) to collect every anytime/month/quarter or yearly as you wish dear Twitter," Asbe wrote in response to Musk's tweet, tagging the microblogging site as well.

"To all complainers, please continue complaining, but it will cost USD 8," Musk said in a tweet.

NPCI-operated Unified Payments Interface (UPI) has been at the centre of the Indian digital payments story and has taken the electronic alternative to newer highs.

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Published: 05 Nov 2022, 11:06 AM IST
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