A picture shared by the Paytm CEO shows a street food vendor accepting digital payments.
Two posts shared by two of India’s most eminent businessmen show how far the country has come towards realizing the central government’s dream of a cashless economy.
Shortly before the launch of Paytm’s mega IPO this morning, its CEO Vijay Shekhar Sharma shared a picture that shows how prevalent digital transactions have become in the country today. Mr Sharma retweeted a picture of a street food vendor who accepts digital payments. The photo shows the seller with a Paytm QR code sticker affixed to his food cart – a sight that may have been common today but would have been surprising just a few years back.
?????????? https://t.co/DH5nS4aBVg
— Vijay Shekhar Sharma (@vijayshekhar) November 7, 2021
Share sale of Rs 18,300 crore through Paytm’s long-awaited IPO opened for subscription today. Paytm’s IPO is likely to be the biggest in the country’s corporate history, breaking the record held by Coal India Ltd, which raised Rs 15,000 crore a decade ago.
The digital payments app became a household name after the shock demonetization of 2016, when 86 per cent of cash was invalidated after PM Modi announced the decision to ban Rs 500 and Rs 1,000 banknotes. At that time there was a rapid increase in electronic transactions as most of the people had no option but to use debit and credit cards or digital wallets like Paytm.
On Saturday, Mahindra Group Chairman Anand Mahindra also shared a video that encapsulates the “massive conversion to digital payments in India”. The video shows an animal dressed in vibrant clothing, possibly for some sort of celebratory procession. However, the most notable thing is that the animal has a sticker pasted on its forehead with a QR code. In the video, a man is seen scanning the code on his phone to complete the digital payment.
“Do you need any more proof of conversion to digital payments on a large scale in India?!” While sharing the clip, asked Anand Mahindra.
Do you need any more proof of conversion to digital payments on a large scale in India?! pic.twitter.com/0yDJSR6ITA
— anand mahindra (@anandmahindra) November 6, 2021
The two posts together have garnered thousands of comments, ‘likes’ and shares.
companies like @paytm phonepe @amazonpay and technology such as @UPI_NPCI And @NPCI_BHIM Everyone deserves a lot of praise for completely changing the transactional scene of our country
smooth, easy and fast— Shubham Dixit (@shubham_0703) November 6, 2021
I first heard about Paytm in 2014, just because of the cashback, which was later converted into a part of daily life of finance
— ajay kumar (@authorajay) November 7, 2021
Incredible. It only shows the agility of #Indians
We have adopted digital payments so quickly.
The conclusion for me is that any initiative if taken in the right way with adequate infrastructure will yield results. #India#digital economy
— Ashwini Singh (@_Singhak) November 6, 2021
A tree of digital payments in a car wash near me pic.twitter.com/NfOnY9WIqV
— Rosh Vijayakumar (@roshvijayan) November 8, 2021
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