08/15/2023
| India ๐ฎ๐ณ |
Happy Independence Day.
On my recent 5 visits to India ๐ฎ๐ณ in last 4 years I have seen spread of digitalization across length and breadth of urban and semi urban and rural areas.
Though technological innovations have happened mostly in the Silicon Valley of the USA ๐บ๐ธ; India ๐ฎ๐ณ has been the fastest country in adapting and improvising the technology to meet the requirements of different segments of the society: and spreading it to the poorest section of the population.
Indians can pay through their phone using PhonePe or PayTm using Unified Payments Interface (UPI) , linked to the customerโs back account.
Now you can pay to a small fruit and vegetable vendor on the street or a mini tea stall in a remote location of India using PhonePe or PayTm.
This cashless transaction has made life easy for the consumer as well as tiny businesses.
PayTm was introduced in India ๐ฎ๐ณ in 2010 courtesy an entrepreneur named Vijay Shekhar Sharma who founded the company in Noida .
UPI was introduced in 2016 by National Payment Corporation of India.
QR Code is widely used in India ๐ฎ๐ณ for digital transactions.
A QR code (quick-response code) is a type of two-dimensional matrix barcode, invented in 1994, by Japanese company Denso Wave for labelling automobile parts.
The beauty is how India ๐ฎ๐ณ adapted these technologies and the mass population in smallest villages and sub-urban areas learnt to use it without any formal training.
No county can beat India ๐ฎ๐ณ in adaptation and improvisation.