UPI

“When we did Google Pay here, we wrote a white paper and gave it to US feds saying, look, this is how things should work, right? That is the, it's an example to the rest of the world that this is how you should do it.”

“More than five hundred million customers at last.”

“This account is integrated with UPI on day one.”

“One, the fact that UPI is the first local rail that we integrated into our product, which gave us the confidence that we can actually integrate Revolut into local payment rails in various countries, right?”

“Gamma is a California-based AI platform used by seventy million people to create presentations. When they joined the first cohort of Stripe users to accept UPI payments in India, their Indian revenue jumped 22% in that very same month.”

“Just on UPI we process around twenty five billion transactions a month.”

“And that's a scale that we have achieved, which is more than 10 times what credit cards has achieved over more than two decades, right?”

“So in some sense, I would say, if you look at a PICS in Brazil, or if you look at a PAYNOW in Singapore, they have largely been modeled on UPI. The interesting thing, they are not zero cost yet, right? You know, while we have a zero MDR structure.”

“And to be really accurate, there is cost in the UPI system today, which is borne by the banks. So it is, Not zero cost for everybody, but it's zero cost for the user and the merchant, right? To be really accurate. And that caused by the banks, there is also a …”

“So even if you look at India, while absolute credit card volumes and spends have been growing, the share has been declined, right? Because the payment transactions share has been going on the UPI side.”