UK Needs To Follow India’s Lead on Mobile Payments With Success Of UPI: Tech London Advocates Founder Russ Shaw – News18

London is taken into account because the fintech capital within the west however for somebody travelling from India, it could come as a shock that Londoners are principally caught to money or playing cards for funds. With restricted assist for Google Pay or Apple Pay, London is generally both about credit score or Oyster playing cards. On the opposite, using UPI-based cell funds apps have skyrocketed in India. The undeniable fact that Indians can use one thing like UPI to make transactions, even in pennies, and all that’s required is a smartphone and a checking account has impressed many at London Tech Week 2023.

WATCH VIDEO: Impressed With India’s Tech Ecosystem: Russ Shaw

Russ Shaw, founder, Tech London Advocates, in a candid dialog with Debashis Sarkar, Editor, News18 Tech, highlighted how the western nations want to concentrate to the tech advances which might be taking place in India. “India has leapfrogged from being a cash dominant to a cashless society recently, thanks to UPI,” stated the founding father of Tech London Advocates, which Shaw described as a set of tech leaders and voice of the non-public sector in London campaigning for the way forward for London tech.

“We need to follow India’s lead on mobile payments. When I was there recently, I was just so amazed to see how cash had just disappeared. I think some of the changes that are put in place, some of the policies that make that (India’s change) happen are something western countries should be looking at,” he stated.

Talking about how Indian tech expertise is perceived by firms in London, Shaw stated, “I think India’s tech ecosystem is one of the most dynamic and impressive in the world. There are some great entrepreneurs, great businesses being created and an exceptional talent base and people looking at challenges and opportunities that need to be addressed. I was there (in India) several months ago and I was just so impressed with the calibre of what’s been created in India and I do think that it will be the largest tech sector in the world.”

Shaw careworn that India’s tech contribution will excel in lots of areas. “Areas like Agri-tech, fintech, health tech and sustainable tech will see Indian companies taking a lead. I also see a lot of movement around advanced manufacturing when you look at chips, semiconductors… India’s future is incredibly bright when it comes to tech,” he added.