NChandrasekaran, the chairman of Tata Sons, on Friday said that even tender coconut water sellers prefer UPI payments over cash. He made this statement at the B20 Summit India 2023 in New Delhi.
Chandrasekaran was speaking about the growing popularity of digital payments in India. He said that UPI has become the preferred mode of payment for many people, even for small transactions like buying tender coconut water.
While speaking at the event, Chandrasekaran highlighted how many roadside vendors are now asking customers whether they’d prefer to pay via popular digital platforms like PhonePe or Google Pay – a marked change from the traditional cash transactions.
“When I go for morning runs and want to have coconut water, seller has no time to accept cash. He asks “PhonePe karenge ya Google Pay karenge?”,” Chandrasekaran said on Friday.
UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows users to make payments to each other using their smartphones. UPI is a popular payment method because it is convenient, secure, and fast.
According to the data released by National Payments Corporation of India (NPCI), the nation registered over 2 billion UPI transactions in the month of December 2020 alone, demonstrating the wide acceptance of digital payments across various strata of the society.
The surge in digital payments should not come as a surprise considering the way the government has been promoting cashless transactions. With digital payment systems like UPI (Unified Payments Interface), NEFT, and more accessible through banking apps and third-party apps like PhonePe, Google Pay, and Paytm, it is easier for individuals as well as businesses to transfer funds in a quick, efficient, and secure manner. The penetration of smartphones and affordable internet access has further contributed to this shift.
Meanwhile, at the B20 Summit, Chandrasekaran conveyed a promising outlook on the role of artificial intelligence (AI) in India’s workforce landscape. He underscored that AI would not lead to job displacement but rather fuel job creation by enabling individuals with varying skill levels to tackle higher-level tasks.
“In a country like India, AI will create jobs because it will empower people with little skill or no skill to perform higher-level jobs. A nurse will be able to take on the workload of a doctor, and that’s how it will scale up people,” he affirmed during his address.