In a recent webinar titled 'Enhancing Efficiency of the Financial Services for Creating Growth Opportunities', Indian Prime Minister Narendra Modi highlighted the significance of India's financial technologies, RuPay and UPI, in the world. The webinar was the tenth of a series of 12 organized by the Indian government to seek ideas and suggestions for the effective implementation of initiatives announced in the Union Budget 2023.
Modi's Vision for India's Fintech
Modi emphasized that in the era of Industry 4.0, India's platforms are becoming models for the world. RuPay and UPI are not just low-cost and highly secure technology, but they represent India's identity in the world. The Prime Minister also stressed that there is immense scope for innovation.
Moreover, Modi stated that UPI should become a means of financial inclusion and empowerment for the whole world, and financial institutions should partner with fintech companies to increase their reach. The government aims to drive the globalization of India's digital payment infrastructure, and it has been instrumental in making India one of the fastest-growing ecosystems for fintech innovation.
Cross-Border Transactions Between India and Singapore
Recently, India and Singapore linked their respective online payment systems, UPI of India and PayNow of Singapore, for seamless cross-border transactions between the two countries. This success led experts to believe that India's UPI is likely to extend to UAE, Mauritius, Indonesia, and other countries.
The linkage of these two payment systems will enable residents of both countries to transfer cross-border remittances faster and more cost-efficiently. People in both countries will be able to send money in real-time via QR-code based or by entering mobile numbers linked to their bank accounts.
In addition, the Reserve Bank of India proposed to permit all inbound travelers to India to use UPI for their merchant payments while they are in the country. UPI payments have become hugely popular for retail digital payments in India, and their adoption is increasing at a rapid pace. Initially, the facility will be extended to travelers from G-20 countries.
In conclusion, India's RuPay and UPI technologies are gaining popularity in the world, and the government is taking steps to drive their adoption. Modi's vision of making UPI a means of financial inclusion and empowerment for the whole world is commendable, and it highlights the immense potential of India's fintech sector.
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