Post-Budget webinar: Prime Minister Narendra Modi said on Tuesday that RuPay and UPI technologies represent India’s global identity.

“In the era of ‘Industry 4.0’, platforms established by India are becoming paradigms for the globe,” PM Modi remarked while addressing a post-Budget webinar on the subject of ‘Enhancing Efficiency of the Financial Services for Generating Growth Opportunities’. This was the tenth in a 12-part webinar series organised by the government. The webinars are being held to solicit thoughts and proposals for the proper execution of the initiatives proposed in the Union Budget 2023.

“RuPay and UPI are more than just a low-cost, high-security technology; they are our global identity. There is a lot of room for creativity. We must all work together to make UPI a method of financial inclusion and empowerment for the entire planet. I believe that our financial institutions should work closely with fintech to expand their reach “Prime Minister Modi stated.

India has emerged as one of the fastest-growing environments for fintech innovation, and the PM Modi-led government has played a key role in accelerating the globalisation of India’s digital payment infrastructure.

PM Modi has placed a strong emphasis on ensuring that the benefits of UPI are not limited to India alone, but that other countries benefit as well.

Post-Budget webinar: RuPay and UPI technologies

India and Singapore this month linked their respective online payment systems — Unified Payments Interface (UPI) of India and PayNow of Singapore — enabling seamless cross-border transactions between the two countries in a first-of-its-kind collaboration. Prime Minister Narendra Modi and his Singaporean colleague Lee Hsien Loong attended the virtual launch event.

The integration of both countries’ payment systems would allow inhabitants of both countries to transfer cross-border remittances more quickly and cheaply. Individuals in both nations will be able to send money in real time by scanning QR codes or inputting mobile phone numbers linked to their bank accounts.

Separately, given the popularity of the UPI payment system, the Reserve Bank of India recommended allowing all inbound visitors to India to utilise UPI for merchant payments while in the country.