RBI Governor: The world has accepted the strength of India’s payment ecosystem. The linking of India’s Unified Payments Interface (UPI) and Singapore’s PayNow was recently announced. After this, Indians will also be able to make payments in Singapore with the help of UPI. Now, the government’s efforts are aimed at gradually taking it to the next level. In this series, Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday insisted on globalizing the payment system. He said India’s G20 presidency should be used to tell India’s electronic payments story globally and internationalize payment products like UPI and Rupay.
The RBI governor said a great thing
Opening the Payment System Operators (PSO) conference here, Das said India’s indigenous payment products such as UPI and the RuPay network are increasing their global presence and will facilitate cross-border payments. He said that under RBI’s Payments Vision 2025, we are committed to the vision of ‘electronic payments for everyone, everywhere, at all times’. We must seize every opportunity to internationalize our payment products. A whole new world will open up. Opportunities will be ready for our country. This is the year of India’s G20 presidency. Let’s tell the story of India to the whole world.
This is the age of technology.
The Governor further said that with the Indian economy becoming more integrated with the global system, cross-border payments have become more important. He said our national payment products like UPI and the Rupay network are increasing their global reach. The launch of the UPI integration with Penau in Singapore is an important step in this direction. We told you that a few days ago, when talking about the payment agreement between India and Singapore, it was said that in today’s age, technology connects us in many ways. Fintech is a sector that connects people with each other. Normally this is confined within one country’s borders, but today’s launch opens a long-awaited new chapter of cross-border fintech connectivity.
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