The founder of Shaadi.com Anupam Mittal called for the unified payment interface (UPI) to develop on a global scale, which questions traditional payment giants such as Visa and Mastercard. In a tweet on Thursday, Mittal highlighted UPI’s potential to disrupt the payments of several thieves by eliminating transaction costs and making global payments transparent.
“The UPI has allowed transactions without friction and unnecessary worldwide in India. It is time to disturb Cos as Visa & Master as well as banks that remove 2 to 5% of a pie with several villages. India-tech for the world is ready. What do we wait for @npci_npci?” He wrote.
The UPI, developed by the National Payments Corporation of India (NPCI), has revolutionized digital payments in India by offering instant in real time transactions with zero or minimum costs. Unlike traditional payment networks that charge merchants and users with heavy fresh, UPI has made unsaid daily transactions and almost without seizure, which has led financial inclusion across the country.
Mittal’s remarks occur at a time when India has actively pushed the international adoption of UPI. Countries like Singapore, the United Arab Emirates, Sri Lanka, France and Nepal have already started to integrate UPI -based systems, and discussions are underway with several others. The central government and the NPCI have worked on the expansion of the imprint of UPI thanks to cross -border collaborations, aimed at establishing it as a global alternative to existing payment networks.
Traditional players such as Visa and Mastercard, as well as world banks, charge merchants between 2% and 5% per transaction, a cost ultimately carried by businesses and consumers. Mittal argues that the zero cost model of UPI can disrupt this system and reduce the cost of digital payments worldwide.
While challenges such as regulatory approvals, exchange mechanisms and interoperability remain, the Mittal Declaration highlights the growing confidence in UPI’s capacities.
Meanwhile, to keep the affordable UPI ecosystem accessible to all users, the government has launched an incentive scheme for the “promotion of low value BHIM-UPI transactions (P2M)”. As part of the regime, UPI transactions of the goods (P2M), which are evaluated within 2,000 Rs and are made to small merchants, the buying bank and the other stakeholders involved will be eligible for an incentive at the rate of 0.15% per transaction value.
