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By CNBCTV18.com IST (Published)
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Anand Mahindra shared a graphic on “How companies pay around the world” by investment research company Bernstein which showed India among the top countries in the digital payment systems
Mahindra group chairman Anand Mahindra on Wednesday called India’s journey in building the unique digital payments ecosystem ‘simply stunning’.
Sharing a graphic on “How companies pay around the world” by investment research company Bernstein, the industrialist said: “India’s success in creating a unique digital payments ecosystem is simply stunning.”
‘A picture is worth a thousand words.’ India’s success in creating a unique digital payments ecosystem is simply stunning. Leaders always find new & different pathways; the rest of the world follows… pic.twitter.com/YPslzr782s
— anand mahindra (@anandmahindra) October 19, 2022
According to the Bernstein analysis, India was among the top countries in the digital payment systems with more operators than other countries on the list. At present, UPI, Google Pay, Visa, RuPay, Phone Pe and Paytm provide digital payment services in India.
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The Bernstein analysis showed India had more players in the payments industry than China, Brazil, Australia, Canada, Sweden, Italy, France and UK.
In June this year, the Reserve Bank of India (RBI) came out with a ‘Payments Vision 2025’ document which aimed to establish India as a powerhouse of payments globally with a three-fold jump in the number of digital payments. The document said total digital payments increased 216 percent in volume and 10 percent in value in March 2022 compared with the same month in 2019. This was a result of the policies, technological innovation from financial institutions and new-age fintech players coupled with the rapidly evolving consumer mindset.
Reacting to Mahindra’s tweet, one user Bhupendra Yadav (@byadav594) said: “Can we say that the other modes of payment used by different countries aren’t accessible to the common man of India which forces them to use available modes i.e. Gpay, Phone Pe, etc?”
Another user Sheshadri (@Iam_Sheshadri) pointed out that the graphic did not have GooglePay as an industry player in the US. “It seems to be strange that an American tech giant is not available in the American land,” the user said.
Pointing out the factual error in the graphic, another user Arun (@arun_rajndran) said not all the digital payment options were mentioned in the listed countries. The user pointed out that the UK had Google Pay, Samsung Pay, and Apple Pay along with the players mentioned in the chart.
“Also, it is not about how many varieties. It is also about quality and reliability,” the user said.
(Edited by : Sudarsanan Mani)
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