The initiative stressed the advancements India has made in technology and digital domains
Bengaluru: E-commerce enabler GoKwik has partnered with the Citizen Stack initiative to showcase the growing Indian stack on a global stage, the company shared in a press release.
India Stack is the robust India digital structure built by the Indian government that includes UPI, ONDC, Adhaar and KYC among others.
The two-day initiative started on 25 April in New York, as a continuum to India’s G20 Presidency last year in New Delhi. With the theme ‘Vasudeva Kutumbakam: One World, One Family,’ the event stressed the substantial advancements India has made in technology and digital domains.
The event highlighted the power of digital public infrastructure across diverse global landscapes showcasing that 40% of the startups in India are using the Indian stack. A representative of the UN said that India achieved an 80% financial inclusion rate within a record six years.
“Digital public infrastructure such as Unified Payments Interface (UPI) has revolutionised the face of payments within the country. UPI is growing at a burgeoning speed and is likely to reach one billion transactions a day by 2026-27,” said Chirag Taneja, co-founder of GoKwik.
“Even in our network, we continue to observe that the majority of prepaid payments happen via UPI. As a real-time payment system, it has made money transfers seamless and online payments extremely easy,” he added.
Ten countries, including the UAE, Singapore, Malaysia, France, Vietnam, Thailand, and Cambodia are now accepting QR code-based UPI payments.
Citizen Stack honoured this growing tech stack of India and commemorated the private-public partnerships that are a product of this stack. These ever-increasing public-private partnerships signal that this is only the beginning of a significant tech journey for India. The world is watching as India continues to grow and shapes the future of digital technology.
