In a push to deepen financial inclusion, Pay10 Founder and Chairman Prabhpreet Singh Gill has argued that digital payment platforms like UPI could reduce the need for traditional bank accounts, especially for daily wage workers. While speaking with Times Network Group Editor-in-Chief Navika Kumar at Times Now Summit, Gill said, “All the banks have got a mandate to open bank accounts for daily wage workers. But at the same time, banks already are heavily loaded with their own work. So the banks may not feel that it is their priority. But what we want to do is we want to focus on how daily wage workers, why do they have to open a bank account? Why can’t they have a UPI app?”
“Instead of relying solely on bank accounts, a UPI-based ecosystem could offer a simpler and faster alternative. To open a bank account, multiple forms need to be signed, whereas downloading a UPI app requires just an OTP. This significantly reduces friction,” he said.
Gill emphasised that for daily wage workers, the need is straightforward—receive payments and spend on essentials. “With the widespread availability of UPI QR codes, workers can seamlessly transact without handling cash. Visiting a bank branch is often impractical for such workers due to time constraints.”
He noted that digital payments are increasingly accessible even without internet connectivity, citing initiatives by National Payments Corporation of India that enable UPI transactions via feature phones using SMS-based systems.
Calling UPI a successful domestic model, Gill said similar interoperability could be extended globally. He suggested that India’s UPI could directly integrate with payment systems in other countries, such as UAE’s equivalent platforms, without involving intermediary systems.
Gill further underlined the growing importance of data localisation and sovereign data infrastructure. “Countries are increasingly prioritising hosting financial data within their own jurisdictions to ensure security and control,” he said.
At the Summit, he also proposed a model of bilateral data centre cooperation, where countries could back up systems in allied nations to ensure continuity during disruptions such as cyberattacks or internet outages.
“In a disaster scenario, systems could switch across borders through bilateral arrangements,” he explained.
On the ongoing efforts to build direct currency settlement systems that bypass traditional dollar-based routing. Gill said, “Pay10 is working with the Bank for International Settlements on projects aimed at enabling direct currency-to-currency transfers, such as rupee-dirham or rupee-yen transactions.”
“Increasingly multipolar world, reliance on intermediary currencies like the US dollar adds inefficiencies and geopolitical complexities. Money movement between countries does not need to route through a third nation. Technically, direct settlement is possible,” he said.
About Times Now Summit 2026
The Times Now Summit 2026 is one of India’s most influential platforms for leadership, ideas, and action. It brings together top policymakers, global strategists, industry leaders, and changemakers. The summit serves as a space to shape the country’s future trajectory. The theme this year is ‘Celebrating Times Now @20 & Shaping India @100’. It reflects both a moment of reflection and a forward-looking vision as India approaches its centenary of independence.
Over the past two decades, Times Now has played a key role in driving accountability and shaping national discourse. The summit builds on that legacy by focusing on actionable ideas to accelerate India’s journey towards becoming a Viksit Bharat and a leading voice in the Global South.
