UPI

“You know, the Indian government has actually done some things very impressive working with, you know, like UPI and these things are incredible.”

“We're actually planning to relaunch in India on Monday, and we, I believe we're now the first you know, international player in India that has a local license and access to the local payment rails and, You know, we registered with the FIU, and so we've got a l…”

“As part of Aadhaar, today we have UPI, which takes away the need for Visa and MasterCard, so it's a three percent tax on the economy that Indians don't pay, but everybody in the U.S. Pays.”

“Today in the fast payment world, the momentum is not with UPI is with PIX. It's a Brazilian system, which is inspired by UPI as they say. And but they've done a very good job of the basics of taking it out.”

“There is literally, literally no meaningful country which has adopted UPI as a domestic payment system. Within their country.”

“And we have we did a very poor job of that with Aadhaar, better job with UPI, better still with Depa.”

“If you look at the largest payment systems globally, whether it is Visa or MasterCard or American Express in the US, or whether it is Alipay in China, they have a substantial, if not majority credit component. In India, UPI is massive, but it's debit only. So …”

“And then, of course, today, UPI does 14.4 billion transactions in a month.”

“Yeah, it's a, it can be a multi-currency protocol. It can be for wallets, bank accounts. Tomorrow it can be used for CBDC. So you can, once you have that basic infrastructure on that, you can add different types of accounts.”

“That was completely made with the UPI, and now half the transactions IPO are on the mobile phone, UPI as bar transactions. That made IPOs so much easier to do.”

“I don't think anyone in the West has done anything like as ambitious as UPI. I think it's like an incredible triumph of public-private collaboration.”

“Digital banking I would say leaders, UPI is, of course, I would say the only thing where we are clearly leaders globally, globally, not even US competes.”

“UPI took a decade. This is probably also going to take that much of time. But all the learning that went through in the previous ones as they get used over here I'm hopeful that things will move faster.”

“I think without a doubt, having run marketplace online distribution core for a while and understanding how simple the hurdles are and how detrimental they are to the customer or the seller. I think it can be a game. I think it's a game changer, right? And the …”

“SBI and HDFC did not launch UPI in August, 2016.”

“And on, on, on February 11th or February 13th, I forget the date, ah, of 2016, was in, in Taj Vivanthal, ah, the sandbox that was launched. And 321 people came for that. I remember that because, you know, everybody had to register. There was only one VC amongs…”

“The numbers for UPI started ticking up slowly only in September of 2017. And whoever entered the UPI market after September 2017 does not effectively exist.”

“So fintech, like UPI and, you know, everything else that India has developed, I think is amazing. We're already integrating with the Singapore and Middle East, and so I think that is a welcome change. It will disrupt Visa, MasterCard, you know, all of these.”

“If you look at UPI users, that number will be around 44, 45 CR.”

“Risk and fraud is another big area that we see emerging due to the launch of UPI and making digital payments more and more convenient. We also saw a big rise in terms of all the incidents around, you know, scamming people or people losing money because of all …”

“And this, what we see on, saw on the UBI is going to go back to other countries. I'm sure South African countries or some European countries, some APAC going to inherit and say, hey, this worked in India. Let's just copy the framework.”

“Yeah, it's really cool, you know, what the government has done in India and UPI, Aadhaar these are all really smart things that the Indian government has pioneered for the rest of the world, and it'll be interesting to see where else these things happen. Hones…”

“Actually, we have leapfrogged China in one area that's in UPI because we were able to get all the 21 banks together to work with each other and make all payments, you know, almost frictionless and also the cheapest way possible.”

“UPI has been the biggest boon that's happened to the Indian startup ecosystem because now you have, you know over a hundred million Indians that actually transact online.”