Digital rush: How UPI challenges Indian businesses

Unified Payment Interface (UPI) is gaining traction world wide, but behind the glory of convenience, there is a hidden harsh truth of UPI-led businesses. Digital transformation has transformed various lives from bad to worse. Businesses have seen huge negative impact.

- RACHNA MAHESHWARI,OP

Pratikhya Kanungo, Director of Kalinga Packers Private Limited has said, “Cash has not really disappeared from markets. People prefer cash over digital payments and we are facing challenges in running business since deals are dependent on UPI. Vendors are not used to do business in cash credit payments anymore.”

Adarsh Khandelwal, owner of a prominent jewelry shop has highlighted the difficulty of doing business in UPI era. He mentioned.” Our vendors are not educated enough to understand the digital payment cycle. Sometimes, we need cash, to order on urgent basis, but we wait or deny since there is no way out.”