FinTech: Indian Prime Minister Modi Extols Virtues Of India’s UPI Payment System At BRICS Summit
UPI processed transactions valued at $1.7 trillion in the 2023 fiscal year.
Indian Prime Minister Narendra Modi has suggested that member states of the BRICS bloc should adopt India’s successful Unified Payments Interface (UPI) system for instant payments. He emphasized India’s leadership in digital transactions and highlighted the widespread use of UPI across various sectors within the country, from street vendors to large shopping malls. Prime Minister Modi was speaking at the BRICS Business Forum in South Africa.
The domestically crafted Unified Payments Interface (UPI) has emerged as one of the globe’s most triumphant payment systems since its inception in 2016. Devised by the National Payments Corporation of India, UPI expedites immediate transfers between bank accounts using mobile applications. In May of the current year, it handled an unprecedented 9 billion transactions amounting to $180 billion. Furthermore, during the fiscal year 2023, the total value of annual transactions escalated to $1.7 trillion. (Bitcoin.com)
Modi mentioned that countries like UAE, Singapore, and France are already joining the UPI platform and suggested exploring collaboration with BRICS countries. India has shared its UPI technology with other nations, including Australia, Saudi Arabia, and Pakistan.
Additionally, Modi cited India’s impressive economic growth, its ambition to become a developed nation by 2047, and its achievements such as improving the business climate through reforms and substantial investments in infrastructure.
The BRICS summit has seen discussions on topics like promoting local currencies in cross-border trade, introducing unified settlement systems, potential common currency launch, and the organization’s future global role.
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