Indicated by: Debashis Sarkar
Last updated: June 22, 2023, 10:24 PM IST
London, United Kingdom (UK)
London is regarded as the fintech capital of the west, but for someone traveling from India it may come as a surprise that Londoners are mostly stuck with cash or cards for payments. With limited support for Google Pay or Apple Pay, London is mostly about credit or Oyster cards. On the contrary, the usage of UPI based mobile payment apps has skyrocketed in India. The fact that Indians can use something like UPI to make transactions, even in pennies, and all they need is a smartphone and a bank account has impressed many at London Tech Week 2023.
WATCH VIDEO: Awed by India’s Tech Ecosystem: Russ Shaw
Russ Shaw, Founder, Tech London Advocates, in a candid conversation with Debashis Sarkar, Editor, News18 Tech, stressed how the Western countries should pay attention to the technological advancements taking place in India. “India has recently moved from cash dominance to a cashless society thanks to UPI,” said the founder of Tech London Advocates, which described Shaw as a collection of tech leaders and the voice of London’s private sector campaigning for the future of London technology.
“We need to follow India’s example in 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 being put in place, some of the policies that are making (India’s change) happen are something Western countries need to look at,” he said.
On how Indian tech talent is perceived by London businesses, Shaw said, “I think India’s tech ecosystem is one of the most dynamic and impressive in the world. There are some great entrepreneurs, great companies being created and an exceptional talent base and people looking at challenges and opportunities that need to be addressed. I was there (in India) few months ago and I was just so impressed with the caliber of what has been made in India and I really think it will be the biggest technology sector in the world.
Shaw stressed that India’s technical contribution will excel in many areas. “In areas such as agritech, fintech, health technology and sustainable technology, Indian companies will lead the way. I also see a lot of movement around advanced manufacturing when you look at chips, semiconductors… India’s future looks incredibly bright when it comes to technology,” he added.