Reserve Bank of India (RBI) Governor Shaktikanta Das said that efforts are being made to make UPI and RuPay truly global. Addressing the Global Fintech Fest 2024, Das said that RBI’s focus is on empowering financial inclusion, digital public infrastructure (DPI), consumer safety and cyber security, sustainable finance and global integration of financial services.
The governor said this
He said that India is an active part of international forums and bilateral agreements to promote economic cooperation with many countries and strengthening the financial infrastructure including cross-border payment systems will be the main target area of the Reserve Bank. We are now focusing on making UPI and RuPay truly global.
He said that in this direction, significant progress has been made with Bhutan, Nepal, Sri Lanka, Singapore, United Arab Emirates (UAE), Mauritius, Namibia, Peru, France and some other countries accepting RuPay cards and payments through the UPI network. He said that these efforts underline the collaborative efforts to adopt India’s initiative across the world.
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This is the specialty of UPI and Rupay
Unified Payment System (UPI) facilitates inter-bank transactions through mobile phones, while Rupay is a domestically developed global card payment network. Das said that with the help of its tech capability and developed fintech ecosystem, India has the potential to become a global hub of digital innovation and fintech startups, create and strengthen strategic partnerships, strengthen commitment to international cooperation and develop institutions of excellence.
Das said that the fintech sector has attracted investments worth about six billion dollars in the last two years. The RBI governor said that India is now a fast-growing economic power. He said that financial institutions and fintech should quickly adopt a strong framework to take advantage of the new opportunities arising in the Indian economy and reduce risks. He said that digital financial inclusion has unique advantages of being affordable at scale and affordable cost. He said that the new trinity of JAM-UPI-ULI is a revolutionary step in India’s digital infrastructure journey.
