KOCHI: Reserve Bank Governor Shaktikanta Das on Saturday underlined the desire for the use of the G20 presidency to offer India’s e-payment tale to the worldwide target market and grab the chance to internationalise charge merchandise like upi and Rupay,
India’s home-grown charge merchandise like UPI and RuPay community are expanding their world footprint and can make cross-border bills more uncomplicated, Das mentioned whilst inaugurating the Payment System Operators (PSO) Conference right here.
“Under Reserve Bank’s Payments Vision 2025, we stand committed to the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). We must seize every opportunity to internationalise our payment products. This will open up a new world of opportunities for our country. This is the year of the Indian Presidency of the G20. Let us present the India story to the global audience,” he mentioned.
The governor additional mentioned with the Indian financial system getting an increasing number of built-in with the worldwide device, crossborder bills have assumed higher importance.
“Our home-grown payment products, UPI and RuPay network, are enhancing their global footprint,” he mentioned and added release of UPI linkage with Singapore’s PayNow is a big step ahead.
In long run, Das added such linkages with different international locations will make crossborder bills easy, reasonably priced and real-time.
QR code-based service provider bills via UPI apps are already enabled in Bhutan, Singapore and the UAE. All those would additionally lend a hand challenge India’s cushy energy on the world degree.
“I would like to say that a lot has been achieved but a lot more can and should be done in the days ahead,” he mentioned.
Das emphasised that bills and settlements are severe companies with attainable downsides, must the rest cross flawed. Effort must be to mitigate such downsides and capitalize at the upsides.
“This is something all market participants must recognize and constantly remind themselves. Every failed transaction, every fraud attempted or actually carried out, every complaint that is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis.
“It would do smartly to take into account that just like the batsman at the cricket box, you’re simplest as just right because the ultimate ball confronted. We will have to in combination make certain that nobody within the nation is left at the back of within the virtual bills adventure,” he said. .
The launch of Unified Payments Interface (UPI) in 2016 has revolutionized the payments ecosystem with about 803 crore transactions worth Rs 13 lakh crore processed in January 2023 alone.
Das further said widespread use of mobile phones, coupled with availability of internet services, has provided thrust to digital payments.
This has led to “anytime anyplace” banking which transcends conventional department banking hours. About 1,050 crore retail virtual charge transactions value Rs 51 lakh crore processed in January 2023 stand as testimony to the dimensions and potency of India’s virtual bills, he mentioned.
India’s home-grown charge merchandise like UPI and RuPay community are expanding their world footprint and can make cross-border bills more uncomplicated, Das mentioned whilst inaugurating the Payment System Operators (PSO) Conference right here.
“Under Reserve Bank’s Payments Vision 2025, we stand committed to the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). We must seize every opportunity to internationalise our payment products. This will open up a new world of opportunities for our country. This is the year of the Indian Presidency of the G20. Let us present the India story to the global audience,” he mentioned.
The governor additional mentioned with the Indian financial system getting an increasing number of built-in with the worldwide device, crossborder bills have assumed higher importance.
“Our home-grown payment products, UPI and RuPay network, are enhancing their global footprint,” he mentioned and added release of UPI linkage with Singapore’s PayNow is a big step ahead.
In long run, Das added such linkages with different international locations will make crossborder bills easy, reasonably priced and real-time.
QR code-based service provider bills via UPI apps are already enabled in Bhutan, Singapore and the UAE. All those would additionally lend a hand challenge India’s cushy energy on the world degree.
“I would like to say that a lot has been achieved but a lot more can and should be done in the days ahead,” he mentioned.
Das emphasised that bills and settlements are severe companies with attainable downsides, must the rest cross flawed. Effort must be to mitigate such downsides and capitalize at the upsides.
“This is something all market participants must recognize and constantly remind themselves. Every failed transaction, every fraud attempted or actually carried out, every complaint that is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis.
“It would do smartly to take into account that just like the batsman at the cricket box, you’re simplest as just right because the ultimate ball confronted. We will have to in combination make certain that nobody within the nation is left at the back of within the virtual bills adventure,” he said. .
The launch of Unified Payments Interface (UPI) in 2016 has revolutionized the payments ecosystem with about 803 crore transactions worth Rs 13 lakh crore processed in January 2023 alone.
Das further said widespread use of mobile phones, coupled with availability of internet services, has provided thrust to digital payments.
This has led to “anytime anyplace” banking which transcends conventional department banking hours. About 1,050 crore retail virtual charge transactions value Rs 51 lakh crore processed in January 2023 stand as testimony to the dimensions and potency of India’s virtual bills, he mentioned.
