India's UPI System Is 'Fantastic At Many Levels' But 'Incredibly Painful Experience' For Ecosystem Participants: Mastercard CFO Sachin Mehra
Meanwhile, after making history by reaching the 10-billion mark for the first time in August, UPI recorded 10.56 billion transactions in September.
New Delhi, October 11: Mastercard chief financial officer (CFO) Sachin Mehra has said that the unified payments interface (UPI) is "fantastic at many levels" but remains an "incredibly painful experience" for ecosystem participants. Speaking at the recent UBS conference, Mehra said that "it is an incredibly painful experience for ecosystem participants who all end up losing money as part of that proposition," reports TechCrunch. This is not the first time Mastercard has expressed reservations about UPI. Apple Watch ‘Unlikely’ to Offer Significant Innovations in 2024, May Not Adopt Micro-LED Display: Apple Analyst Ming-Chi Kuo.
"The banks which actually enable those payments tend to lose money on those transactions. So it's a proposition which we are asking the question is this long-term sustainable or not. And who knows? We'll see where it goes. But in the meantime, debit continues to flourish in that market, as does credit," Mehra said in May. Meanwhile, after making history by reaching the 10-billion mark for the first time in August, UPI recorded 10.56 billion transactions in September. In value terms as well, it was marginally up, increasing 0.3 per cent to Rs 15.8 trillion from Rs 15.76 trillion in August. End of Passwords! Google To Make Passkeys Default Log-in Method for All Personal Accounts.
According to data from the National Payments Corporation of India (NPCI), this represented a 56 per cent rise in volume and a 41 per cent increase in value compared to September last year. Digital payment methods are on the rise in India, with 42 per cent of consumers saying they will choose unified payments interface (UPI)-for online shopping this festive season, according to reports.
(The above story first appeared on LatestLY on Oct 11, 2023 05:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).