India has become a global benchmark for digital payments over the last decade, driven by UPI, affordable data, and widespread smartphone adoption.
But Raman Khanduja, Co-founder and CEO of Mintoak, believes QR codes are only the beginning of the story.
Speaking at MSME Sparks 2026, a five-day celebration that ran virtually from June 22–25 and culminated in a grand finale on June 26 at ITC Gardenia, Bengaluru, Khanduja said the next phase of digital payments will be about helping MSMEs turn transactions into visibility, credit, and long-term growth.
“Five hundred years from now, if an archaeologist digs up India, they might think we worshipped QR codes,” he joked.
Drawing on nearly two decades of experience across banks, American Express, and Visa, Khanduja said India has gone from being one of the world's biggest cash displacement opportunities to a market others now look to for lessons.
