How UPI is revolutionizing small businesses in Guwahati

Guwahati: The introduction of Unified Payments Interface (UPI) has altered significantly the way of doing business in Guwahati, particularly for small business owners who formerly relied only on cash transactions.

Small businesses that used to rely on cash transactions have progressively come to accept UPI as a trustworthy substitute. Speaking with local stall owners reveals a range of experiences, both good and bad.

A tea seller who has a stall in the Pan Bazaar locality, told Business NorthEast, "Before UPI, counting cash and managing change used to be a hassle. Now, my clients can use their phones to make instant payments via UPI. Everyone finds it convenient."

Another lady vendor in Chandmari, stated, "UPI is favored by customers because of its speed and security. I can monitor every transaction online, which makes it easier for me to maintain accurate records."

But not everyone has found the switch to UPI completely seamless. A lady who runs a little store selling betel nut and other products, said, "As I don’t know much about using smartphones, UPI is difficult for me. Sometimes, I have to visit the bank to withdraw cash, which takes time."

Her concern draws attention to a problem that many small business owners face i.e, accessibility and technical knowledge. It can be difficult for people who are unfamiliar with digital interfaces or cellphones to accept UPI.

There were also many shopkeepers who still do not use online mode of payment, as they mostly prefer cash and are unfamiliar with using cellphones.

The way that retailers handle their money has also altered with the advent of digital payments. Mr. Barua, who owns a stationery store in Manpara, said, "I check my Paytm app at the end of every day. It demonstrates to me my specific earnings. It is effective and improves my ability to estimate my costs."

Transparency and quick transaction records offered by UPI applications have changed many lives. It makes accounting and reporting simpler and gets rid of the uncertainty around cash transactions.

The inclusion of UPI into everyday activities is a major turning point in Guwahati's transformation into a digitally empowered city. Although there are still certain difficulties, small business owners often express cautious confidence. The obstacles to UPI adoption can be removed with enough time and assistance, enabling even the tiniest companies to prosper in an increasingly cashless society.

More retailers are learning and adapting, and it's becoming increasingly evident that UPI has the potential to revolutionize India's economic environment.

In 2016, the National Payments Corporation of India (NPCI) developed UPI, a groundbreaking digital payment system that has quickly gained popularity throughout India. Even in the most remote areas of the nation, its simplicity and ease of use have revolutionized the way that transactions are carried out.

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