UPI vs Crypto: Can India Lead Its Own Blockchain Revolution? Winny Patro Weighs In

Can India Replicate Its UPI Success in Crypto? The answer isn’t simple—but it’s increasingly relevant as the world watches India’s rapid adoption of emerging technologies.

At the recently held 'Binance Blockchain Yatra' in Visakhapatnam (Vizag), Winny Patro, Co-founder and CEO of Recordent, spoke with TICE News in an exclusive conversation. He shared sharp insights into why India’s crypto journey is fundamentally different from its UPI-led digital payment revolution—and what it would take to build a truly “Made-in-India” crypto ecosystem.

Winny Patro is an Indian entrepreneur, business consultant, and coach. An alumnus of IIM Calcutta with an engineering degree from GITAM, he is widely recognized for his contributions to technology-driven finance and policy advocacy. 

Crypto ≠ UPI: Different Tech, Different Missions

“UPI solved a very specific problem: real-time, interbank transactions. Crypto doesn't solve the same problem,” Patro begins.

India’s UPI success was fueled by key events—demonetization and COVID-19—that forced behavioral change. Crypto, by contrast, lacks that kind of immediate utility or government-backed push.

“For crypto to see mass adoption in India, the policy environment must evolve. Only then can the ecosystem thrive,” he emphasizes.

The Trust Factor: Why Crypto Needs Government Backing

Much like how gold retains value through regulation and trust, crypto too needs institutional credibility.

“People often compare crypto to currency or gold. But without clear regulations and government recognition, the average Indian won’t trust it for daily use,” he explains.

While exchanges can assign value, true adoption will only happen when the government formally legitimizes crypto as a valid transaction medium.

Who Is the End User of Crypto? You, Me, Everyone.

Recalling his early days with ZebPay in 2014, Patro shares how he once traded Bitcoin like stocks and converted it to INR to buy real-world goods.

“The day we no longer need to convert crypto to rupees before spending—that’s when the real revolution begins.”

The end-user, he insists, will always be the common man. But for that to happen, trust and usability must align.

Blockchain Is Bigger Than Crypto

While crypto grabs headlines, blockchain is the real game-changer.

From supply chain traceability to logistics, Indian startups are already building real-world solutions using blockchain.

“Imagine a jute bag made in the Northeast. Blockchain can tag and track it globally.”

India today ranks among the top two global communities for blockchain entrepreneurship, both domestically and through its tech-savvy diaspora.

The Crypto Conundrum: No Indian Token Yet

India still lacks a homegrown cryptocurrency—something that could be proudly labeled as "Made in India Crypto."

“That needs to change,” Patro urges. “Just like we had Make in India for manufacturing, we need a parallel movement for digital currency.”

But again, it all comes back to policy clarity. Without it, Indian crypto startups will struggle to build trust, scale, and compliance.

Innovation from Demography: India’s Secret Weapon

India’s 1.5 billion population isn’t just a number—it’s a springboard for innovation.

“If we channel this demographic dividend, we can turn it into innovation capital,” he says. “We’ve already done it in other sectors. With the right support, we’ll do it here too.”

He remains optimistic that Indian entrepreneurs will not only adopt but also create original technologies in blockchain, AI, and beyond.

Building India’s Blockchain Destiny

While crypto may not replicate UPI’s overnight success, its future hinges on regulatory clarity, ecosystem trust, and indigenous innovation. India stands at a powerful inflection point—armed with a massive user base, a booming startup ecosystem, and a hunger for digital transformation.

To emerge as a global blockchain powerhouse, India must move from being an adopter to a creator of frameworks, policies, and platforms that are by India, for India, and for the world.

As Patro puts it, “There’s so much that’s going to happen.” And with its scale, skill, and spirit, India has the people, the potential, and the purpose to lead the blockchain era.