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HomeCURRENT AFFAIRSBUSINESSIndia: UPI will be provided to the world

India: UPI will be provided to the world

The National Payments Corporation of India (NPCI) recorded around 6 billion transactions (worth over Rs 10 lack cr) through UPI in France. Singapore and the UAE have adopted this platform already and now the technology is set to roll out across the world.

Meanwhile, China and Nepal are currently at different stages of conversation with India. We all know that UPI has taken over the Indian payment market and is now ready to surge around the world. While addressing Digital India week, India’s IT Minister, Ashwini Vaishnaw, said that currently, India is in talks with 30 countries for UPI, including three countries that have signed MoUs.

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At the summit, the minister shared some overviews regarding UPI members and around 6 billion transactions worth around Rs 10 lakh crore during May and June stating that UPIs competence has allowed countries like France, Singapore, and the United Arab Emirates, United States to adopt this technology.

Honourable Prime Minister Narendra Modi also addressed the summit. In his closing remark, he said that UPI has removed economic barriers and empowered every citizen, proving that the digital solutions produced by Digital India are scalable, secure, and democratic.

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Furthermore, he added to his statement that, the whole world is attracted to UPI and hence, wants to use it. It has been appreciated by the world including the World bank. He emphasised that 130,000 transactions were recorded every minute. Currently, UPI is the most famous digital payment system in India and has 330 banks linked to it an average ticket of UPI costs Rs 1730 per transaction. Meanwhile, Prime Minister also launched IndiaStack.Global, a platform wherein other countries can get access to interoperable digital solutions for them.

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