NEW DELHI: The Prime Minister of India, Narendra Modi, said on Tuesday during a post-Budget webinar that RuPay and UPI technologies are India's identity in the world.
"Enhancing Efficiency of the Financial Services for Creating Growth Opportunities' is the topic of the post-webinar. The government had scheduled 12 webinars, and this one was the tenth. The webinars are being held to collect ideas and suggestions for the successful execution of the initiatives proposed in the Union Budget 2023.
He claimed that platforms created in India are serving as paradigms for the rest of the globe in the age of Industry 4.0. "RuPay and UPI are more than just a low-cost, highly secure technology; they are also our global identity. There is a huge opportunity for innovation.
"We must all work together to make UPI a tool for financial inclusion and empowerment for everyone on the planet. To expand their reach, I propose that our financial institutions engage as much as possible with fintech, the Prime Minister said.
One of the ecosystems for financial innovation with the quickest growth is India. The PM Modi-led administration has played a key role in accelerating India's digital payment infrastructure's internationalisation.
For seamless cross-border transactions between the two nations, India and Singapore this month joined their respective online payment systems, Unified Payments Interface (UPI) of India and PayNow of Singapore.
Following the last week's successful introduction of cross-border real-time digital payment connectivity with Singapore, analysts predict that India's UPI will soon be extended to the UAE, Mauritius, and Indonesia.
Residents in both nations would be able to send cross-border remittances more quickly and affordably if these two payment systems were linked. Individuals from both nations will be able to send money in real time by scanning QR codes or by typing in mobile numbers that are connected to the bank account.
Separately, the Reserve Bank of India advocated allowing all foreign visitors to India to utilise UPI for their merchant payments while they are in the nation due to the system's growing popularity.
In India, the UPI payments system has grown incredibly popular for retail digital payments, and usage is growing quickly. The service will initially be made available to visitors from G-20 nations.
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