60%-70% of IPO applications coming through UPI, soon surpass Mastercard's daily transaction
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60%-70% of IPO applications coming through UPI, says NPCI CEO Dilip Asbe:
At a time when the initial public offer (IPO) market is booming in India on the back of strong retail investor demand, up to 70 percent of IPO applications are coming through the unified payments interface (UPI), said Dilip Asbe, Managing Director and CEO of National Payments Corporation of India (NPCI). The organisation runs the country's most popular mobile-based digital payments platform UPI.
There are over 12 crore demat accounts in the country. While there are only an estimated 5-6 crore unique credit card users in the country, there are more than 350 million UPI users. Most of the retail participants coming through digital investment platforms such as Zerodha, Groww, Angel One and Groww have been taking the UPI route for IPO applications.
Speaking at the Global Tech Summit organised by Carnegie, an international relations think tank, Asbe also said that India is in talks with over 50 countries to help them build domestic digital payment systems like UPI.
"I believe the definition of digital public infrastructure (DPI) is going to vary from country to country. A decision has to be taken by them that we need democratisation of payments. And DPI has to be well regulated with an ecosystem approach," he said.
UPI is already the world's largest instant mobile payments platform registering over 11 billion transactions every month and a transaction value exceeding Rs 17 lakh crore.
While a lot of developed countries have well-developed credit card systems for digital payments, most developing countries do not have an instant mobile payments and settlement platform and India is working with some of these countries to build such platforms.
"We also started an international subsidiary (NIPL)and are talking to regulators worldwide. We are allowing access to UPI source code... Countries will have their solution providers work on this. The adoption by various countries will also open up government-to-government and regulator-to-regulator dialogues," he added.
The government is trying to help developing countries build similar domestic instant mobile and card payment systems for goodwill. This will in turn help the Indian government make these systems interoperable with India’s systems such as UPI for international payments and transfers, and could displace the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which handles international bank transfers as of now, in the long run.
NPCI’s most successful product platform remains UPI, which is expected to surpass Mastercard's daily transaction volume of 440 million. UPI does around 340 million transactions a day. Visa, the world's largest card network, processes an average of 750 million transactions per day.
These companies operate in over 200 countries, many of which are much wealthier than India, and they have been around for over 60 years. On the other hand, UPI has achieved this scale in less than eight years.
NPCI also has Rupay card technology platform, which is also working alongside existing Visa and Mastercard as an alternative ecosystem. For instance, NPCI International announced a strategic partnership with Al Etihad Payments (AEP) to advance the development of the UAE’s first national Domestic Card Scheme.
The recent blockade of Russian payment systems from using American networks such as Visa and Mastercard has made every country realise that a parallel domestic payment system is vital for survival.
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Ipo has only two methods of payment, either upi or asba.
Ipo market is small considering the total investors in the country, even in that, most people know only to apply and pay through upi.
So boasting most Ipo applications come through upi is laughable.
UPI i good for a country like india with pani puri walas,gutkas, sabjiwalas etc and can be implemented for few future years in africa that shares same environment of low price but high volume sales.
But a country's growth can only be done via CREDIT and DEBT just like Adani
So be it India or Africa which race towards becoming advanced economies then only way to achieve growth is via DEBT & CREDIT and thats why UPI will become useless.Imagine your neighbourhood's friendly pani puri wala going to buy a new Range rover sport SUV then he will not pay via UPI = Cash but rather choose CREDIT such as loan, card etc.
2nd thing UPI vs Mastercard is useless comparision as the MC is a card network with buyer protection and 100s of other benefits which come with CARDS.
Lastly UPI is nothing but a copy cat version of Chinese payments app who were the earliest adopters & innovators of QRcode payments and superApps. But China is the uncrowned superpower of new world order in terms of BOTH innovation & money but none the less 2nd in military technology; rest of the world being haters especially Western powers are banning them left and right, which why India is the next best option.
Remember India only accounts for +- 3% of world economy so its a small fish in the ocean full of sharks like USA and China. Even China which accounts for 15% of world economy has not been able to set YUAN as global reserve currency.; so dream about this UPI bs
Moral of the story = BIG BOSS = USA
Anyway, I will try to tell in short.
There is no difference between UPI and card payment. All are just different mode of payment but objective is the same.
Hope you heard about Credit card link UPI transaction.
You can buy a new Range rover sport SUV through UPI too. In future, Credit on UPI limit will increase. It will take 20-30 years time.
Before 2008, Visa/mastercard was non-profit company. At that time the objective of Visa/mastercard was to help people in their daily life.
NPCI is currently non-profit company. NPCI's objective is same help poor to middle class people in India.
Few info -
Credit on UPI also comes with buyer protection.
Benefit - Credit on UPI also give some benefit and you will see more benefit in future. Dnt forget before 2008, when Visa/mastercard was non-profit company. They also did not give much benefits. After 10-20 years, UPI will also turn into for profit company and you will get 100s of other benefits.
Who told you UPI is copy cat version of Chinese payments app ?
QRcode payments also available on Visa/mastercard, it means Visa/mastercard is also nothing but a copy cat version of Chinese payments app who were the earliest adopters & innovators of QRcode payments and superApps ? right ? LOL. 😀
UPI payment system is completely different. NPCI has the patent for UPI technology.
Now UPI does not work only on QR codes.
UPI support NFC payment. Online payment through UPI ID, UPI checkout and UPI Intent transaction etc.
Important Info -
USA , Europe now also also adopting UPI like instant payment system.
Search of google abour USA's "FEDNOW" payment system and Europe's "A2A payment system".
They also support QR codes.
There are 100s of US based companies are working on US, they are planning to launch QR code based payment system in USA.
Big ecom companies, retail companies etc also dnt like to pay millions/billions of dollars to visa/mastercard. They are also working on an alternative to Visa/Mastercard in USA.
They are still in the initial stages. However, there is a prediction that A2A payment system will surpass card payment system by 2026. In USA, it will take more time.
In 20th centuries, People did not understand how much the card payment system would grow in the 21st century.
Similarly, Instant payment systems will grow and dominate the entire world, after 20-30 years.
And when it happens, Instant payment system limit will increase and you will get more and more offers.
For example - Credit on UPI also working on to offer free airport lounge access, system is not ready yet. Just wait 1 or maybe 2 years. So you are going to get all the offers in Credit on UPI also.
UPI on NFC through Android/Iphone already live but ya current limit is only Rs500 but once UPI on NFC technology will fully live. UPI will increase the NFC payment limit in future.
Now last and most important part -
India never want to replace dollar or any other currency. This is the difference between a dictator/communist country and a democratic country.
India never wanted to replace the dollar, India wants to give the world an alternative option. We want to reduce our dependence on the dollar. We want if any country want to trade with us, We want more and more trade to be done in local currency.
By the way UPI also acquire US dollar and Euro. If any country dnt want to trade with us or don't trade with anyone else with Indian rupees then we will told use our UPI technology and trade with dollar/euro currency.
This will make use of our UPI technology and when more and more countries will use UPI. We will tell them, hey if you want to settle your payment in Indian rupees. We will give you more discount on transaction fees. we will tell them, see more more countries will use Indian rupees. Why dnt you try ? atleast try 20%-30% transactions on Indian rupees. Indians are selling UPI technology to the whole world by saying this.
Unlike China, China is just forcing other countries to use Yuan. This is why communist countries become so successful in the short term but will fail in the long run. This is what history tells us - USSR is just one of the example.
You are right only one thing - Moral of the story = BIG BOSS = USA.
Yes, because USA is the world's oldest democracy and India's is world's largest democracy.
We learn a lot from America. If any country in the world can defeat America then it is India. And I'm not talking about war with America. This is the thinking of a communist country.
Always remember, 2 democratic countries never go to war. They fights in a different way like economically, manipulate other countries people, dream of giving them a good life etc.
And USA knows this very well. If America has to defeat with India then this is the right time. Once this time has passed, USA will not be able to stop India from succeeding.
And how can USA stop India ? simple answer - turning India into Europe. Europe is a democracy but they dnt have any advance technology. There are always riots in Europe.
NASA also destroy ESA. ESA is also not a good space organization. Do you know Europe's Ariane 5 rocket is now retired. Ariane 6 is not ready and engineers told Ariance 6 is not a good rocket, before launch. Already over cost etc.
USA also destroy Europe's Euro Card payment system.
Brother, I can give many examples. India's future and UPI's future is bright. India is putting a lot of mind into foreign policy.
Only thing USA have is Brain and India is learning from America and will do the same. We will use our Brain.
QR was invented by an employee of Japanese automotive giant Toyota since 1994 & Toyota shared it for free to world for obvious reasons without patent and/or charging money.
Beijing Inspiry Technology Co. was the earliest adopter and innovator behind this QR code-based payments since 2002
Now you do the math
@abhishek012 free rahoge toh ek baar dm dekh lena🙏🏻
Mostly visa/master/amex/diners k ques me ignore kar deta hu except new cards k like Sbi Cashback credit card and Axis Ace credit card k.
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Ipo has only two methods of payment, either upi or asba.
Ipo market is small considering the total investors in the country, even in that, most people know only to apply and pay through upi.
So boasting most Ipo applications come through upi is laughable.