Prime Minister Narendra Modi said that RuPay and UPI are the most secure technologies with low cost. Speaking in a webinar, Prime Minister said that these are the identity of India in the world.
First Published Mar 7, 2023, 3:32 PM IST
Prime Minister Narendra Modi said that Rupay and UPI technologies are the identity of India in the world. He said that the platforms developed by India in the era of Industry 4.0 are becoming a model for the world. Prime Minister Modi on Tuesday addressed a post-Budget webinar on ‘Enhancing the efficiency of financial services to create growth opportunities’.
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This is the tenth in a series of 12 webinars organized by the government. The intention behind conducting the webinars is to get ideas and suggestions for effective implementation of the programs announced in the Union Budget 2023. Speaking on the occasion, the Prime Minister said that Rupe and UPIs are not only low-cost and highly secure technologies, but it is our identity in the world. There are huge opportunities for innovation. UPI should become a tool of financial inclusion and empowerment for the entire world. We have to work together for that. I suggest that our financial institutions should also have maximum partnership with fintech to increase their reach,” PM Modi said.
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India has emerged as one of the fastest growing ecosystems for fintech innovation. Prime Minister Modi’s government has played a key role in leading the globalization of India’s digital payment infrastructure. Prime Minister Modi’s top priority is to ensure that the benefits of UPI are not limited to India, but other countries also benefit from it.
Meanwhile, India and Singapore last month connected their online payments systems, Unified Payments Interface (UPI), and Singapore’s Paynou. Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong participated in the virtual launch event. The integration of these two payment systems of both countries will enable citizens of both countries to transfer border remittances faster and at a lower cost. People of both countries can send money in real time using QR code based or bank account linked mobile numbers.
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Considering the popularity of the UPI payment system, the Reserve Bank of India has proposed to allow all travelers to India to use UPI for their merchant payments while in the country. UPI payments system is very popular for retail digital payments in India. Its adoption is growing rapidly. This facility will be extended to the passengers of G-20 countries first.
