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Google CEO Sundar Pichai has said the company is thinking and working hard to bring some of its services that will work on top of the Unified Payments Interface. The UPI is India’s audacious project to make person-to-person and e-commerce transactions swifter and easier.
Speaking about UPI, Pichai said, that he thinks it’s a bold and courageous move and it is a platform shift for the underlying economy to try and digitize how cash moves around and they are excited by it. Pichai’s comment came months after it was reported that the Indian government has held talks with Google, Apple, and Microsoft to bring Aadhaar-enabled authentication system to their respective mobile operating systems. At the time, however, the companies had shown resistance in the proposal.
The penetration of bank accounts, and by extension, debit cards and credit cards remain low in India. With UPI, the government is trying to bring banking and financial services to its entire population. For this, it’s using another audacious program called Aadhaar, with which it is making it easier for a lot of Indians to have one set of information work across a plethora of services.
About 400 million of the 1.12 billion bank accounts are linked to Aadhaar cards reports suggest. More than one billion people in India have enrolled themselves to Aadhaar already.