Around 40% Indians use digital formats for money transfer: Nilekani

NT Correspondent

 Bengaluru: I ndia's Unified Payment Interface (UPI) and Aadhaar-enabled payment system has brought in a "dramatic shift" in consumer behaviour and consumer usage as around 400 million people tap into these digital technologies, said Nandan Nilekani, chairman of Infosys and founding chairman of Unique Identification Authority of India (UIDAI). “Around 400 million people are using digital mode to withdraw money from their accounts.

 Roughly around 40-45% Indians are using digital format. It was zero percent 10 years ago. It is a dramatic shift in consumer behaviour and consumer usage which has become very powerful,’’ said Nilekani while delivering the keynote address at The India Advantage Summit 2022 in Bengaluru on Wednesday.

 Roughly 260 million people are using the UPI and another 150 million people use the Aadhaar-enabled payment system to withdraw money from their bank accounts, he added.

He also added that Indians and small businesses can use digital footprints on their saary and spending, and transactions to avail credit. "One billion people in the country can use their data and 20 million businesses can use their own data. The ability of people to use their own data is called data empowerment...historically, collateral for loans have been physical assets," Nilekani said.