What is said? Sachin Mehra: MasterCard and CFO UPI, you will learn about the CFO opinion on UPI and digital payments.
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MasterCard CFO Sachin Mehra recently expressed his reservations about the extensive use of UPI in India. MasterCard CFO said that UPI has drastically changed the payment landscape in India and the digital payment records for the month of August’23 are a testimony to the statement. With 10 billion transactions valuing INR 1518456 crores in August, the digital payment platform has changed the whole essence of making payments. Despite this, MasterCard CFO has expressed his concerns and today we will read about it.
Unified Payment Interface was introduced in 2016 and has revolutionized the whole game of digital payments. From a thela wala to a fancy boutique owner, UPI drives digital payments seamlessly. In a country like India where digital payments couldn’t have been thought of at this level, UPI has made the impossible possible. MasterCard CFO has however said that UPI is fantastic at some levels but equally is an equally painful experience for the ecosystem participants.
UPI has revolutionized the digital payment landscape in India and in August’23 it crossed the 10 billion mark and in September the figures stood at 10.56 billion dollars. Despite this humongous progress since 2012, MasterCard CFO Sachin Mehra has said that UPI is a painful experience because the banks end up losing money in this process. He has questioned the long-term sustainability of UPI and expressed his concerns at the recently held UBS conference.
Mastercard CFO says India's UPI incredibly painful experience by @refsrc
— Vivek Wadhwa (@wadhwa) October 12, 2023
https://t.co/mtB9cV1zrN
No wonder Mastercard is complaining: India is ripping apart business model of credit card companies by making transactions free. Wrote about this long agohttps://t.co/nzyjWuA2m7
Highlights of UPI
According to the National Payments Corporation of India, the volume of digital payments has grown from 41 % to 51% in this year.
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Countries Accepting UPI Payments, It can also be used in Sri Lanka and Mauritius
Sachin Mehra is the Chief Financial Officer of MasterCard.
As per reports, the salary drawn by Sachin Mehra for the post of CFO of MasterCard is $9508959.
Dough Kasambala is MasterCard Foundation CFO.
MasterCard customer care number is 08001001087. In case you have lost your card or it is stolen, just call this number and MasterCard customer care executives will assist you.
We don’t have any update on Sanjay Mehra’s UPI ID.
ALSO READ: PayTm Blow: Manju Agarwal Resigned as independent director of Paytm Payments Bank
Conclusion:
With the ever-growing use of UPI in India, the government has benefitted tremendously. Currency printing costs have gone down, tax collection has increased and digital penetration is at an all-time high. MasterCard CFO’s concern regarding long term sustainability is because there are no processing charges on the transactions done through UPI.
Given the fact that 10 billion transactions are done monthly through UPI, can you still call it a painful experience?
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