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NPCI CEO pitches UPI autopay to Elon Musk for $8 blue tick fee

NPCI CEO pitches UPI autopay to Elon Musk for $8 blue tick fee

NPCI CEO pitches UPI autopay to Elon Musk for $8 blue tick fee
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By Pihu Yadav  Nov 2, 2022 1:29 PM IST (Published)

UPI processed 7.3 billion transactions worth Rs 12.11 lakh crore in October, a record high as India witnessed a bumper festive season.

The National Payments Corporation of India (NPCI) has marketed its UPI autopay solution to Elon Musk even as the new chief of Twitter tried to manage controversy surrounding his decision to charge users $8 for "blue ticks".

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Dilip Asbe, managing director and chief executive of NPCI, responded to a tweet from billionaire Musk by stating that the UPI's recurring payments product already has seven million subscribers.
Twitter has awarded prominent leaders and well-known people with a "blue tick" for many years. Twitter's ownership shift had sparked rumours of a $20 premium for the desired tick, which Musk later verified to be $8.
"To all complainers, please continue complaining, but it will cost $8," Musk said in a tweet.
Musk blasted the 'current lords and peasants system for who has or doesn't have a blue checkmark', using an expletive. "Power to the people! Blue for $8 per month," he tweeted, adding that the price is adjusted by country proportionate to purchasing power parity.
Users will also receive priority in replies, mentions, and searches, which he claimed is crucial to thwarting spam and scams, along with the ability to post lengthy video and audio files, half as many advertisements, and a paywall bypass for publishers willing to collaborate with the social media company, for that price, he claimed.
Musk said that the monthly fees users pay for the blue tick would also provide Twitter with a source of income to compensate content producers.
It should be highlighted that the NPCI-run Unified Payments Interface (UPI) has been important to the development of digital payments in India and has propelled the electronic alternative to higher peaks.
UPI processed 7.3 billion transactions worth Rs 12.11 lakh crore in October, a record high as India witnessed a bumper festive season.
The volume was up 73 percent while the value of transactions was up 57 percent year-on-year.
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