Why UPI is getting a cold response while Paytm is riding the wave
Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy. Its cornerstones were a unique biometrics-based Aadhaar ID for every citizen to enable authentication, and a unified payments interface (UPI) to simplify money transfer.
India is on the cusp of leapfrogging.
It’s called “India stack.” Tech evangelists helped put it together, and it includes other digital enablers like eSign and a digital locker, all backed by government and the Reserve Bank of India (RBI). Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!”
But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI ...