Enjoyed reading your informative and unbiased article. Digital India is progressing by leaps and bounds.It is playing a key role in modernization of trade and buisness, and also in integration of our rural economy.The Economic Times article also is very good and give an overall perspective.
Thank you so much. Agree with you: India's digital economy is like a powerful invisible force that is not only improving productivity but also transforming lives.
Really enjoyed the well researched article on the globalising of UPI. Let me start by referring to Radhika's comment. I don't travel abroad frequently but frankly I can't now imagine traveling within the country without the ever so convenient UPI. It has truly spoiled us. Gone are the days when it was mandatory to regularly withdraw cash for meeting household expenditures- not to mention travelling. It's such a proud moment for our country that we can actually undertake even cross-border transactions. To think that the very idea of UPI was scoffed at by a few learned people till a few years back. Six years is such a short time in order to not only become indispensable within the country but also gain global acceptance. No doubt that like you, I'm genuinely Impressed.
So glad that you liked this week's newsletter. You are so right. We have all gotten so used to friction-less transactions that we have become almost intolerant to anything that does not allow for it.
Everybody learns I guess. Recall a RBI governor telling me in an interview in the 1990s that ATMs will not be a threat (source of disruption). Clearly, a quote that did not play out well.
The thing is that the disruptions we have witnessed in the last decade are unprecedented. And India's unique digital infrastructure is powering this transformation at scale. Imagine the volume of UPI transactions--they are simply staggering. Or for that matter the use of Co-Win--another Digital Public Good--to rollout 2 billion jabs in a seamless manner.
As Laxmi said in a comment to last week's newsletter, the scale of transformation is overwhelming.
Interesting and informative as always. It is exhilarating to see the pace at which these digital public goods are becoming a part and parcel of our lives and how it is now moving out of our home territory.
I have a couple of questions. If the money is transferred in Singapore dollars, where does the conversion happen? Will the UPI continue to remain free without any user charges?
On another subject, I recently heard that Kochi and Thiruvananthapuram are becoming major centres of FinTech startups. Would be delighted if you could speak on that.
(There is an incomplete sentence and some small editing error towards the end of this current newsletter. I hope it will be rectified).
Thank you for the kind words and for flagging the errors--stand corrected and have fixed them.
About your questions, the conversion happens at the backend. Unlike UPI use in India this won't be free. The press release says "competitive rates"--which means the commission would be less than what say an ICICI charges for international transfers.
Thank you for the heds up on FinTech startup hubs emerging in Kerala. I am not aware. Will do some research and revert.
Dear Anil,
Enjoyed reading your informative and unbiased article. Digital India is progressing by leaps and bounds.It is playing a key role in modernization of trade and buisness, and also in integration of our rural economy.The Economic Times article also is very good and give an overall perspective.
Dear Vandana,
Thank you so much. Agree with you: India's digital economy is like a powerful invisible force that is not only improving productivity but also transforming lives.
Fingers crossed.
Best
Anil
Dear Anil
Really enjoyed the well researched article on the globalising of UPI. Let me start by referring to Radhika's comment. I don't travel abroad frequently but frankly I can't now imagine traveling within the country without the ever so convenient UPI. It has truly spoiled us. Gone are the days when it was mandatory to regularly withdraw cash for meeting household expenditures- not to mention travelling. It's such a proud moment for our country that we can actually undertake even cross-border transactions. To think that the very idea of UPI was scoffed at by a few learned people till a few years back. Six years is such a short time in order to not only become indispensable within the country but also gain global acceptance. No doubt that like you, I'm genuinely Impressed.
Dear Ranjini,
So glad that you liked this week's newsletter. You are so right. We have all gotten so used to friction-less transactions that we have become almost intolerant to anything that does not allow for it.
Everybody learns I guess. Recall a RBI governor telling me in an interview in the 1990s that ATMs will not be a threat (source of disruption). Clearly, a quote that did not play out well.
The thing is that the disruptions we have witnessed in the last decade are unprecedented. And India's unique digital infrastructure is powering this transformation at scale. Imagine the volume of UPI transactions--they are simply staggering. Or for that matter the use of Co-Win--another Digital Public Good--to rollout 2 billion jabs in a seamless manner.
As Laxmi said in a comment to last week's newsletter, the scale of transformation is overwhelming.
Looking forward to your continued participation.
Best
Anil
Interesting and informative as always. It is exhilarating to see the pace at which these digital public goods are becoming a part and parcel of our lives and how it is now moving out of our home territory.
I have a couple of questions. If the money is transferred in Singapore dollars, where does the conversion happen? Will the UPI continue to remain free without any user charges?
On another subject, I recently heard that Kochi and Thiruvananthapuram are becoming major centres of FinTech startups. Would be delighted if you could speak on that.
(There is an incomplete sentence and some small editing error towards the end of this current newsletter. I hope it will be rectified).
Once again thank you for your wonderful work.
Dear Laxmi,
Thank you for the kind words and for flagging the errors--stand corrected and have fixed them.
About your questions, the conversion happens at the backend. Unlike UPI use in India this won't be free. The press release says "competitive rates"--which means the commission would be less than what say an ICICI charges for international transfers.
Thank you for the heds up on FinTech startup hubs emerging in Kerala. I am not aware. Will do some research and revert.
Looking forward to your continued participation.
Best
Anil