New York/ Gurugram, May 1st : eCommerce enabler GoKwik partnered with the Citizen Stack initiative to showcase the growing Indian stack on a global stage. The two-day initiative kicked off on 25th April at the United Nations, New York, as a continuum to India’s G20 Presidency last year in New Delhi.
The event highlighted the transformative power of Digital Public Infrastructure across diverse global landscapes showcasing that 40% of the startup unicorns in India are using the Indian stack.
With the theme “Vasudeva Kutumbakam: One World, One Family,” the event stressed on the substantial advancements India has made in technology and digital domains, setting infrastructures that are now being appreciated and adopted worldwide. A representative of the UN highlighted that India achieved an 80% financial inclusion rate within a record six, a feat that would have taken decades without the digital infrastructure the government has built.
The Indian government has nurtured and launched vital initiatives, turning the peninsula not just into an IT outsourcing hub but also into an original, innovative force. These changes that have shaped India’s standing as a tech and digital pioneer globally have been revolutionary and showcase the immense potential of our in-house capabilities.
Talking about GoKwik’s role in the digital transformation journey of India, its Co-founder and CEO Chirag Taneja said, “Digital Public infrastructure such as UPI or Unified Payments Interface has revolutionized the face of payments within the country. UPI is growing at a burgeoning speed and is likely to reach one billion transactions a day by 2026-27. Even in our network, we continue to observe that majority of prepaid payments happen via UPI. As a real-time payment system, it has made money transfers seamless and online payments extremely easy.”
UPI has now become a global phenomenon, with ten countries, including the UAE, Singapore, Malaysia, France, Vietnam, Thailand, Cambodia, and others, now accepting this mode of QR code-based UPI payment.
“We are committed to making the UPI experiences seamless and enabling growth for our partner brands, the India stack, as highlighted on Citizen Stack is growing and we are committed to building a thriving eCommerce ecosystem along with it,” Chirag Taneja added.
Building onto these robust government initiatives, private businesses have started to flourish. Thriving on the tech stack, eCommerce enablers like GoKwik are simplifying the shopping experience, especially with UPI, and ensuring best-in-class UPI success rate.
Consequentially, this has also paid forward in the evolution of the D2C and eCommerce industry in India, as many digital-first brands have grown at a breakneck speed due to these tech enablers.
Citizen Stack honoured this growing tech stack of India and commemorated the private-public partnerships that are a product of this stack. These ever-increasing public-private partnerships signal that this is only the beginning of a significant tech journey for India. The world is watching as India continues to grow and shapes the future of digital technology.