This was the tenth in a series of 12 webinars organized by the government.
New Delhi:
Prime Minister Narendra Modi todayRuPay and UPI technologies are India’s identity in the world, he said.
Platforms developed by India in the era of Industry 4.0 are becoming a model for the world, PM Modi said in a post-Budget webinar on ‘Efficiency in Financial Services to Create Growth Opportunities’.
This was the tenth in a series of 12 webinars organized by the government. The purpose of the webinars is to seek ideas and proposals for effective implementation of the initiatives announced in the Union Budget 2023.
“RuPay and UPI are not only low-cost and highly secure technologies, they are our uniqueness in the world. There is huge scope for innovation. UPI must become a tool for financial inclusion and empowerment for the whole world, and we must work together. Our financial institutions must also ensure their availability. I recommend to partner with fintech as much as possible to increase,” said Prime Minister Modi.
India has emerged as one of the fastest-growing ecosystems for fintech innovation, and the government led by Prime Minister Modi has been instrumental in the globalization of India’s digital payment infrastructure.
Prime Minister Modi’s focus has been to ensure that the benefits of UPI are not limited to India, but that other countries also benefit from it.
India and Singapore last month linked their respective online payments systems — India’s Unified Payments Interface (UPI) and Singapore’s PayNow — for seamless cross-border transactions in a unique collaboration with another country. two countries. The virtual launch was attended by Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.
The connection of these two payment systems of the two countries allows residents of both countries to make cross-border money transfers faster and more economically. People in both countries can send money in real-time based on a QR code or by entering mobile phone numbers linked to a bank account.
Additionally, given the popularity of the UPI payment system, the Reserve Bank of India has proposed to allow all travelers to India to use UPI for merchant payments while in the country.
The UPI payments system has become very popular in India for retail digital payments and its adoption is growing at a rapid pace. Initially, this facility will be distributed to travelers from G-20 countries.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)
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