Tata Sons chairman Chandrasekaran reveals how tender coconut sellers prefer UPI over cash
The vendor encourages him to use UPI for payment rather than cash when he gets coconut water during his morning runs, he said.
The rise and expansion of the Unified Payments Interface (UPI) sector has enabled the public to decrease their dependency on hard cash and instead choose digital transactions using various UPI applications.
N Chandrasekaran, Chairman of Tata Sons, shared that during his morning runs when he desires coconut water, the vendor encourages him to use UPI for payment rather than cash.
“At the time of my morning runs, when I wish to have coconut water, the vendor doesn’t have time for cash. He asks, ‘Will you use PhonePe or Google Pay?’” Chandrasekaran mentioned during the B20 Summit India 2023, according to Moneycontrol.
Although UPI transactions have been growing, not all participants have fully embraced this trend. This was evident in a recent incident where a man from Bengaluru stated that auto drivers in Mumbai declined UPI transactions.
It’s rather ironic that Mumbai boasts of being India’s ‘Financial Capital’, yet nearly 99% of rickshaw and taxi operators decline UPI payments. Surprisingly, numerous stores and well-recognised venues such as Rustom Ice Cream and Kyani solely transact in cash. On the other hand, if you compare this to Bengaluru, you’ll find that almost every rickshaw features around three distinct QR codes, the individual had mentioned on Twitter.
The individual’s tweet attracted a barrage of adverse remarks, with many slamming his statements and insisting that his claims were untrue.