The Prime Minister of India, Mr. Narendra Damodardas Modi has stated that RuPay along with UPI technologies is the identity of India over the world.
In the world of ‘Industry 4.0,’ the platforms created by our country are gradually becoming models for the countries globally,” the Prime Minister said during a post-Budget webinar organized on ‘Enhancing Efficiency of the Financial Services for making growth opportunities.’
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There are 12 webinars in a series which is being conducted by the government and ‘Enhancing Efficiency of the Financial Services for making growth opportunities’ was the 10th one of that very series.
What is the webinar about?
The aim of these webinars is to look for ideas as well as suggestions for the influencing execution of the measures publicized in the Union Budget 2023. “RuPay as well as UPI are not a low budget and extremely protected technology. Also, it is the identity of India over the world.” “There is enormous scope for revolution.
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UPI should become a medium of financial inclusion and empowerment over the world, we have to work for it altogether. It is my advice that our financial institutions should have an extreme collaboration with fintech to grow their reach” PM stated in the webinar.
India: The fastest-growing ecosystem
India has listed its name among the fastest growing ecosystems for the fintech revolution and the government has been instrumental in taking the globalization of India’s digital payment infrastructure.
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A prime influence of the minister has been on making sure that the advantages of UPI are not restricted to our country only, but the world is taking benefit from it.
India’s collaboration with Singapore
India collaborated with Singapore in February 2023 for the respective digital payments system ie, Unified Payments Interface of India and PayNow of Singapore. It is for effortless cross-border transactions between countries.
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Narendra Modi and his Singaporean counterpart Lee Hsien Loong attended the digital launch function. The connection of the payment systems of India and Singapore will permit natives of both countries to the swifter and more budget-friendly transfer of cross-border remittances.
Natives of both countries will be permitted to send money quickly with the help of a QR-code based or just by typing mobile numbers associated with the bank account.
credit:google
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The payments system of India i.e, UPI has become extremely popular for retail virtual payments in our country and its adoption is also increasing swiftly. To start with, the facility will be prolonged to travelers from G-20 countries.
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