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The Prime Minister of India, Narendra Modi, stated on Tuesday during a post-Budget webinar on the topic of "Enhancing Efficiency of the Financial Services for Creating Growth Opportunities" that RuPay and UPI technologies are India's identity in the world.
To seek opinions and suggestions for the successful implementation of the initiatives outlined in the Union Budget 2023, a webinar was held. He stated that platforms created in India are serving as models for the rest of the world in the era of Industry 4.0.
He quoted, "RuPay and UPI are not just a low cost and highly secure technology, but it is our identity in the world. There is immense scope for innovation."
India is one of the ecosystems for fintech invention with the fastest growth. The central government has played a key role in accelerating the globalization of India's digital payment infrastructure.
Separately, the Reserve Bank of India suggested allowing all foreign visitors to India to use UPI for their merchant payments while they are in the country due to the system's growing popularity.
In India, the UPI payment system has become incredibly popular for retail digital payments, and its usage is rapidly increasing. The service will initially be made available to visitors from G-20 nations.
Image source: Hindustan Times