National Payments Corporation of India (NPCI) and Meesho have been recognized as two of the 100 Most Influential Companies of 2023 by TIME magazine. The list, released on Thursday, showcases companies that have made significant impacts in various industries. NPCI and Meesho are the only Indian companies to feature on the prestigious list.
NPCI, founded in 2008 by the Reserve Bank of India and the Indian Bank’s Association, was acknowledged for its contribution to revolutionizing digital payments in India. TIME magazine highlighted NPCI’s creation of the United Payments Interface (UPI), which has facilitated instant money transfers through mobile apps and QR codes. UPI has transformed the payment landscape in India, with nearly 300 million users relying on it for digital transactions. In the 2021-22 fiscal year, NPCI processed an impressive 45 billion transactions, accounting for 52% of India’s digital payments.
Meesho, an e-commerce app established in 2015, also earned its place on the list. TIME recognized Meesho’s significant growth and its ability to cater to customers who seek affordable shopping alternatives. Unlike its competitors, Meesho does not charge sellers a commission, enabling the company to offer products at lower prices. This affordability factor has made Meesho the most-downloaded shopping app globally. The magazine further highlighted India’s projected growth in e-commerce sales, expected to reach $133 billion by 2025.
While both NPCI and Meesho have achieved remarkable success, they face ongoing challenges. NPCI is expanding internationally, with Singapore and the UAE now accepting UPI payments. However, rising competition poses a hurdle for Meesho as it strives for online shopping domination. Nonetheless, both companies have demonstrated their ability to make a significant impact in their respective industries, earning their positions on TIME’s influential list.
The inclusion of NPCI and Meesho in this prestigious list reflects the innovative spirit and transformative potential of Indian companies on the global stage. It showcases the country’s prowess in the digital payments and e-commerce sectors, setting the stage for further growth and development in the years to come.
