PM Modi Calls RuPay, UPI Technologies ‘India’s Identity’
RuPay and UPI technologies are India’s identity in the world, Prime Minister Narendra Modi said on Tuesday at a post-Budget webinar on the topic of ‘Improving efficiency of financial services for creating growth opportunities’.
This was the tenth of a series of 12 webinars organized by the government. The purpose behind hosting the webinars is to seek ideas and suggestions for the effective implementation of the initiatives announced in the 2023 Union budget.
He said that in the era of Industry 4.0, platforms developed by India are becoming models for the world. “RuPay and UPI are not only cheap and highly secure technology, but it is our identity in the world. There’s a lot of room for innovation.”
“UPI must become a means of financial inclusion and empowerment for the whole world, we must collectively work for it. I suggest that our financial institutions should also have maximum partnership with fintech to increase their reach,” said the Prime Minister. by ANI.
India has emerged as one of the fastest growing fintech innovation ecosystems. The Prime Minister Modi-led government has been instrumental in driving the globalization of India’s digital payment infrastructure.
Last month, India and Singapore linked their respective online payment systems – India’s Unified Payments Interface (UPI) and Singapore’s PayNow – for seamless cross-border transactions between the two countries.
Following the successful launch of real-time digital payment cross-border connectivity with Singapore last week, experts believe India’s UPI is likely to expand to UAE, Mauritius and Indonesia.
Linking these two payment systems of both countries would enable residents of both countries to make cross-border transfers faster and more cost-effectively. People in both countries can send money in real time via QR codes or simply by entering mobile numbers associated with the bank account.
Separately, given the popularity of the UPI payment system, the Reserve Bank of India proposed to allow all inbound travelers to India to use UPI for their merchant payments while in the country.
The UPI payment system has gained immense popularity for digital retail payments in India and its adoption is rapidly increasing. For starters, the facility will be extended to travelers from G-20 countries.
(with ANI inputs)