The world recognises India through its use of the RuPay and UPI technologies, Prime Minister Narendra Modi said in a statement on Tuesday. PM Modi addressed the subject of ‘Enhancing Efficiency of the Financial Services for Creating Growth Opportunities’ during a post-budget webinar. “In the era of ‘Industry 4.0,’ platforms developed by India are becoming models for the world,” PM Modi said. This webinar was the tenth in a series of 12 that the government had organised. The aim of this webinar is to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget 2023.
“Rupay and UPI are more than just a cheap and safe technology”, but this is our identity in the world. There is a huge scope for innovation. We have collectively worked for financial inclusion and empowerment through UPI for the whole world.
“Rupay and UPI are not just a low-cost and highly secure technology; they are our identity in the world. There is immense scope for innovation. UPI should become a means of financial inclusion and empowerment for the whole world; we have to collectively work for it. I propose that in order to expand their reach, our financial institutions should also partner as much as possible with fintech, “PM Modi said.
India has emerged as one of the fastest-growing ecosystems for fintech innovation, and the PM Modi-led government has been instrumental in driving the globalisation of India’s digital payment infrastructure. A key emphasis of PM Modi has been ensuring that the benefits of UPI are not limited to India alone but that other countries, too, benefit from it.