UPI should continue to be free in India: Paytm's Sharma at BS BFSI summit

Business Standard BFSI Insights Summit: Shekhar said it was earlier easy to raise money based on the company's forecast, but now it can only be done when the company 'exhibits that it can make money'

Unified Payments Interface (UPI) transactions in India should be kept free for customers in India until the majority of the population starts making digital payments, chief executive officer (CEO) of Paytm Vijay Shekhar Sharma said on Wednesday.

"This country should keep UPI free till the period more than a majority of shopkeepers and customers are making payments by digital mobile payments system," Sharma said at the Business Standard BFSI Insight Summit 2022 in Mumbai.

"The secondary and tertiary impact of keeping this [free UPI] on the economy is dramatically large," he added.

Stating that digital payments are increasing rapidly, Shekhar