The RuPay and UPI technologies are the identity of our nation on the global stage, Prime Minister Narendra Modi said on Tuesday during his speech at a post-Budget webinar titled ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities’ on Tuesday.
The government has organized a series of 12 webinars, of which this was the tenth, with the aim of gathering ideas and suggestions for the efficient implementation of initiatives announced in the Union Budget 2023. During the webinar, he noted that India’s platforms are becoming global models in the era of Industry 4.0.
“RuPay and UPI are not just a low cost and highly secure technology, but it is our identity in the world. There is immense scope for innovation.”
“UPI should become a means of financial inclusion and empowerment for the whole world, we have to work for it collectively. I suggest that our financial institutions should also have a maximum partnership with fintech to increase their reach,” the Prime Minister said as quoted by ANI.
India has become a rapidly growing ecosystem for fintech innovation, with the Modi-led government playing a key role in globalizing India’s digital payment infrastructure.
Recently, India and Singapore integrated their online payment systems, UPI and PayNow, for seamless cross-border transactions between the two countries.
Following the successful launch of cross-border connectivity with Singapore, experts predict that India’s UPI will likely expand to other countries such as UAE, Mauritius, and Indonesia.
By linking the payment systems of the two countries, residents of India and Singapore will be able to transfer cross-border remittances more quickly and cost-effectively. This can be done in real-time through the use of QR codes or by entering mobile numbers linked to bank accounts.
In addition, the Reserve Bank of India has proposed allowing all inbound travelers to India to use the UPI payment system for merchant payments during their stay in the country. The UPI system has become widely popular for retail digital payments in India and is rapidly increasing in adoption. Initially, the facility will be extended to travelers from G-20 countries.
