RuPay, UPI technologies India's identity in the world: PM Modi

Prime Minister Narendra Modi on Tuesday said RuPay and UPI technologies are India's identity in the world.

Industry 4.0

"In the era of 'Industry 4.0', platforms developed by India are becoming models for the world," PM Modi said while addressing a post-Budget webinar on the subject of 'Enhancing Efficiency of the Financial Services for Creating Growth Opportunities'.

This was the tenth in a series of 12 webinars that the government had planned.

To gather ideas and suggestions for the successful execution of the initiatives proposed in the Union Budget 2023, webinars will be held.

RuPay and UPI technology

"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 collectively work for it. I suggest that our financial institutions should also have a maximum partnership with fintech to increase their reach," PM Modi said.

India has emerged as one of the fastest-growing ecosystems for fintech innovation and the PM Modi-led government has been instrumental in driving the globalisation of India's digital payment infrastructure.

A key emphasis of PM Modi has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it.

India and Singapore collaborates

In what is a first-of-its-kind collaboration with another country, India and Singapore last month linked their respective online payments systems, Unified Payments Interface (UPI) of India and PayNow of Singapore, for seamless cross-border transactions between the two countries.

The virtual launch function was attended by Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong.

The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both countries will be able to send money in real-time via QR-code based or simply by entering mobile numbers linked to the bank account.

Separately, the Reserve Bank of India advocated allowing all international visitors to India to utilise UPI for their merchant payments while they are in the nation, taking into account the system's popularity.

In India, the UPI payments system has grown incredibly popular for retail digital payments, and usage is growing quickly. Travelers from G-20 nations will initially have access to the facility.