I don't remember how it all started but it was around 2016. But when it started, it was written off, like every innovation before it. That is generally the way adoption of innovation works. That's why you have these four classes when it comes to adopting innovation - innovators, early adopters, early majority, late majority and finally the laggards.
UPI or the Unified Payment Interface started off quietly. I remember getting an email or SMS from HDFC Bank, our family bank that I have to install UPI. I ignored it but one day out of curiosity, I thought let me generate my UPI ID. At that time, PAYTM was an app that people said offered lots of cashback so they downloaded it. I had tried it too but adding money in a wallet didn't make sense to me - at least the money earned interest when it was sitting in my account so why should PAYTM earn interest on my money.
And then one fine day in 2016, Narendra Modi, PM of India appeared on national television at 8 PM and said starting tonight, 1000 and 500 rupee notes were invalid. India was shocked. Yes, because every Indian (apart from the kids) owned at least 1 of these notes. These notes made up 74% of the currency in circulation. So yes if you had 100 rupees, 74 of them were not legal tender 4 hours from then.
Demonetisation was a painful saga so without getting into the details (it deserves another blog if at all), DeMoN as we called it left us in a situation where PAYTM and UPI became Gods overnight. Suddenly every Indian had downloaded PAYTM and enabled his UPI. But remember, this move was a band aid because you didn't have cash (74% is illegal tender) for now, but the PM said things will be back to normal in a few days. Well, they were not, for almost 2 months. In hindsight I think DeMoN was done to get people to adopt UPI. You think?
Anyway, this thing about holding your phone against a QR code and debiting money from your account was so uber cool that people were flashing their phones all over the place. Every department store to your kirana to the pan wala had a QR code. I loved to forget my wallet at home. Not so that my friends pay the bill. But so that I can do this super cool point phone, scan and pay everywhere. And again, there is no minimum (although there is a maximum) and no fight for change! Auto Fare is 59 rupees. Sir change nahi hai says the auto driver. No worries bro, I will scan. That's why this line became so uber: PAYTM Karo.
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