Revolutionizing Financial Inclusion: Pay10's Vision for UPI and Daily Wage Workers
Transforming Financial Access for Daily Wage Workers
Prabhpreet Singh Gill, the Founder and Chairman of Pay10, has emphasized the potential of digital payment systems like UPI to enhance financial inclusion, particularly for daily wage earners. During a discussion with a prominent media figure at a recent summit, Gill pointed out that while banks are mandated to open accounts for these workers, their existing workload often takes precedence, making it a lower priority. He questioned the necessity of traditional bank accounts for daily wage workers, proposing that a UPI app could serve as a more efficient alternative.
Gill explained that the process of opening a bank account involves extensive paperwork, whereas obtaining a UPI app is as simple as entering an OTP. This streamlined approach significantly reduces barriers for users. For daily wage workers, the primary requirement is straightforward: to receive payments and manage essential expenses. With the proliferation of UPI QR codes, these workers can conduct transactions without the need for cash, which is often impractical due to their time constraints.
He also highlighted that digital payment solutions are becoming increasingly accessible, even in areas with limited internet connectivity, thanks to initiatives by the National Payments Corporation of India that allow UPI transactions via SMS on feature phones. Gill praised UPI as a successful domestic model and suggested that its interoperability could be expanded internationally, allowing India's UPI to connect directly with payment systems in other nations, such as those in the UAE, without the need for intermediaries.
Furthermore, Gill stressed the significance of data localization and the establishment of sovereign data infrastructures. He noted that nations are prioritizing the hosting of financial data within their borders to enhance security and control. At the summit, he proposed a model for bilateral data center cooperation, which would enable countries to back up their systems in allied nations, ensuring continuity during disruptions like cyberattacks or internet outages. He explained that in crisis situations, systems could seamlessly switch across borders through such arrangements.
On the topic of developing direct currency settlement systems that bypass traditional dollar-based routes, Gill mentioned that Pay10 is collaborating with the Bank for International Settlements on initiatives aimed at facilitating direct currency exchanges, such as rupee-dirham or rupee-yen transactions. He pointed out that in an increasingly multipolar world, reliance on intermediary currencies like the US dollar introduces inefficiencies and geopolitical challenges. He asserted that money transfers between countries should not have to go through a third nation, and that direct settlement is technically feasible.
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The Times Now Summit 2026 stands as one of India's premier platforms for leadership, innovation, and action. It gathers influential policymakers, global strategists, industry leaders, and change agents to shape the future of the nation. This year's theme, 'Celebrating Times Now @20 & Shaping India @100', encapsulates both a moment of reflection and a forward-looking vision as India nears its centenary of independence. Over the last two decades, Times Now has been pivotal in promoting accountability and shaping national dialogue, and the summit continues this legacy by focusing on actionable strategies to propel India towards becoming a Viksit Bharat and a prominent voice in the Global South.