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This is an archive article published on June 22, 2023
Meesho, NPCI only 2 Indian firms to feature on TIME’s 100 Most Influential Companies 2023 list
NPCI has recently launched UPI payments outside India, as Singapore and the UAE now accepting payments through this mode.
Founded in 2008 by the Reserve Bank of India and the Indian Bank's Association (IBA), NPCI was launched to create more robust payment systems in the nations. (File image)
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Meesho, NPCI only 2 Indian firms to feature on TIME’s 100 Most Influential Companies 2023 list
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National Payments Corporation of India (NPCI) and Meesho are the only two Indian companies that made it to TIME’s list of 100 Most Influential Companies 2023 released on Thursday.
Polygon Labs — which was originally Matic Network by four Indians — chipmaker Nvidia, Elon Musk’s SpaceX, Apple, Sam Altman’s OpenAI, footwear maker Crocs, Samsung, Microsoft, and luxury fashion brand LVMH were other companies to feature on the list.
Founded in 2008 by the Reserve Bank of India and the Indian Bank’s Association (IBA), NPCI was launched to create more robust payment systems in the nations.
“As smartphone and internet use have grown in India, the NPCI launched United Payments Interface (UPI), which allows instant money transfers via mobile apps and QR codes, and has brought digital payments to nearly 300 million users, replacing debit and credit cards and enabling e-commerce growth in a country that has long clung to cash,” Time magazine said in its list.
NPCI, which is now expanding internationally, “has had huge growth: in 2021–22, it clocked a whopping 45 billion transactions and accounted for 52% of India’s digital payments.”
NPCI has recently launched UPI payments outside India, as Singapore and the UAE now accepting payments through this mode.
E-commerce app Meesho, launched in 2015 by Vidit Aatrey and Sanjeev Barnwal, also found a place on TIME’s list, as the magazine said that India is “expected to see e-commerce sales nearly double by 2025 to $133 billion.”
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“Bangalore-based Meesho, the most-downloaded shopping app in the world in early 2022, caters to customers priced out by Amazon and Walmart,” TIME wrote.
Meesho, unlike its competitors, doesn’t charge sellers a commission, which the company says enables it to sell 60 per cent of its products for less than $4, in reach for Indian families that make less than $6,000 a year.
“But the path to online-shopping domination won’t be smooth: while it expects to reach profitability this fiscal year, it’ll have to overcome challenges like rising competition from other companies.”
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