India's UPI 'Path-Breaking', Could Be Template For Digital Payments For Other Nations: PM Modi At G20 Meet

PM Modi talked about the digital economy built by the country and urged finance ministers and central bank governors at the G20 meet to experience our 'path-breaking' and popular digital payments platform UPI.

Unified Payments Interface platform processed 7.3 billion transactions in the month of October last year, a record high.

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Prime Minister Narendra Modi on Friday talked about the digital economy built by the country and urged finance ministers and central bank governors at the G20 nations to experience our 'path-breaking' and popular digital payments platform Unified Payments Interface (UPI), which could become a template for many other countries, the media has reported.

The meeting was jointly charged by Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das.

At the inaugural session of the finance ministers and central bank governors meeting of the G20 under India’s presidency, the PM said that the country would be happy to share its experience with the world on digital payments.In a bid to foster global economic cooperation, the first G20 Finance Minister and Central Bank Governors (FMCBG) meeting is being held in Bengaluru on Friday, said a report by news agency ANI.

“…During our G20 Presidency, we have created a new system. This allows our G20 guests to use India's path-breaking digital payments platform, UPI. As you make use of it and experience its ease of use, you will understand why Indian consumers have adopted it so willingly. Examples like UPI can be templates for many other countries too. We would be happy to share our experience with the world," PM Modi was quoted as saying during a video address at the FMCBG G20 meeting in Bengaluru, by LiveMint.

PM Modi also highlighted India's role in the global economy and how India is confident about the future.

India’s UPI and Singapore’s PayNow were officially connected earlier this week, allowing for a 'real-time payment linkage'. The services were launched, led by a phone call between PM Modi and his Singaporean counterpart Lee Hsien Loong.

To recall, UPI has become a popular payment method in the country and the Unified Payments Interface platform processed 7.3 billion transactions in the month of October last year, a record high as India witnessed a bumper festive season. According to NPCI, UPI processed 7.3 billion transactions worth Rs 12.11 trillion in October.

In 2021, UPI enabled 3,900 crore financial transactions valuing USD 940 billion, which is equivalent to approximately 31 per cent of India's GDP. UPI is amongst the most successful real-time payments (RTP) systems globally, providing – simplicity, safety, and security in P2P and P2M transactions in India.