it’s not a simple means of subsistence.
As a street vendor without a license, he worries about being robbed or having locals break into his store, making his job challenging.
However, at least one component of his work has gotten easier during the last four years.
Everything was paid for with cash before COVID. Nevertheless, all payers presently use UPI. After scanning the code, the payment is completed quickly.
“No problems managing money or providing customers with change. It has streamlined both his life and work,” he claims.
May,May,The Unified Payments Interface, or UPI as it is officially known, was introduced in 2016 as a result of cooperation between the Indian banking sector and the central bank of that country.
With the help of an app, users may transfer and receive money, pay bills, and authorize purchases all in one easy step without having to input their bank account information or any other sensitive data. Moreover, and maybe most significantly, it is free.
India is currently the largest market for real-time payments because of its increasing popularity.
UPI saw 14 billion transactions in May compared to nine billion the previous year.
Getty Photographs There’s a UPI QR code in a Mumbai vegetable store.
