Blog

London is considered as the fintech capital in the west but for someone travelling from India, it may come as a surprise that Londoners are mostly stuck to cash or cards for payments. With limited support for Google Pay or Apple Pay, London is mostly either about credit or Oyster cards. On the contrary, the use of UPI-based mobile payments apps have skyrocketed in India. The fact that Indians can use something like UPI to make transactions, even in pennies, and all that is required is a smartphone and a bank account has impressed many at London Tech Week 2023.

WATCH VIDEO: Impressed With India’s Tech Ecosystem: Russ Shaw

Russ Shaw, founder, Tech London Advocates, in a candid conversation with Debashis Sarkar, Editor, News18 Tech, highlighted how the western countries need to pay attention to the tech advances that are happening in India. “India has leapfrogged from being a cash dominant to a cashless society recently, thanks to UPI,” said the founder of Tech London Advocates, which Shaw described as a collection of tech leaders and voice of the private sector in London campaigning for the future of London tech.

“We need to follow India’s lead on 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 put in place, some of the policies that make that (India’s change) happen are something western countries should be looking at,” he said.

Talking about how Indian tech talent is perceived by companies in London, 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 businesses being created and an exceptional talent base and people looking at challenges and opportunities that need to be addressed. I was there (in India) several months ago and I was just so impressed with the calibre of what’s been created in India and I do think that it will be the largest tech sector in the world.”

Shaw stressed that India’s tech contribution will excel in many areas. “Areas like Agri-tech, fintech, health tech and sustainable tech will see Indian companies taking a lead. I also see a lot of movement around advanced manufacturing when you look at chips, semiconductors… India’s future is incredibly bright when it comes to tech,” he added.