Industrialist Anand Mahindra on November 6 shared a video of a man making a digital payment using UPI, India’s homegrown payments interface, to a man with a cow on
"Do you need any more evidence of the large-scale conversion to digital payments in India?!" Mahindra Group chairman tweeted.
In the video, a man is seen scanning a UPI code pasted on the front of a cow decked up with religious symbols as the cattle owner plays a musical instrument.
Digital payments are exploding across the country as internet penetration and smartphone use grows.
The adoption of digital payments hit a new all-time high in October fuelled by the shopping spree marking the beginning of the festival season, with e-commerce giants launching their annual sales.
The UPI value of transactions for October crossed $100 billion. In rupee terms, the value of transactions stands at Rs 7.71 lakh crore and 421 crore transactions were executed in the month, both at all-time highs.
While it took over four years since the launch of UPI in 2016 for monthly transaction values to cross the Rs 3.86 lakh crore mark in October 2020, the number almost doubled to cross Rs 7 lakh crore in October.
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