digital payments speed up transactions and trade between sco countries

The Unified Payment Interface (UPI) that India has adopted for the digital payment system. have developed, For its development, the Shanghai Cooperation Organization (SCO) Has agreed. India’s digital public infrastructure for online payments has become very popular. SCO countries ready to develop its framework This means that through a single UPI, citizens of SCO countries can Will be able to pay After this framework was developed, the Shanghai Cooperation Organization countries of There will be a spurt in economic transactions and business.

Vikas Anand, Senior Research Fellow of Jawaharlal Nehru University, says that the way in India, with the delivery of government schemes to the last person, there has been a shortage of currency in daily transactions., Secure Transactions Enhanced, Now the countries of the Shanghai Cooperation Organization will also be able to take advantage of it directly. One effect of this will be that if the countries of the Shanghai Cooperation Organization want to cooperate with each other’s institutions and people in special circumstances like emergency etc., they can do so directly through UPI. Till now such payments are done only through bank accounts. Bank accounts are linked through UPI as well, But this process is far different from the traditional payment process. Vikas Anand says that for this the member countries of the organization will have to set conditions., So that online payment of each other’s currencies can be done.

India had put this proposal before the organization, unanimously approved by all countries Gave it It is necessary to mention here that India has made online education easily available to the common people. Developed digital public infrastructure such as Unified Payments Interface (UPI) and Aadhaar to deliver payment services. In fact, a meeting was held between the Digital Ministers of SCO countries in New Delhi on 13th May. In the same, this proposal of India was approved. It has been informed from the Indian side about this meeting that the countries of Shanghai Cooperation Organization also unanimously accepted India’s proposal to implement DPI to implement digital technology in their respective countries. According to Vikas Anand, As the employment of inclusive technology and digital public infrastructure has strengthened Indian democracy. Digital Public Infrastructure (DPI), a technology ecosystem created by the government to deliver critical citizen-centric services in a digital mannerdpi) is included in

Vikas Anand further adds that DPI can also be used by SCO countries to create and enhance mutual data-sharing infrastructure. Along with this, we will be able to promote the expansion of our e-commerce industries by adopting the digital payment system. How India Has Succeeded With DPI In Achieving Sustainable Development Goals, The Shanghai cooperation countries will also be able to take advantage of that experience. Significantly, DPI can also be helpful in preserving the natural environment as compared to the traditional payment system. Through this, the member countries will be able to support the common man at the last end to ensure equality and economic justice among the people.

Significantly, China is the eight major country in SCO., India, Kazakhstan, Kyrgyzstan,Russia,Pakistan,Tajikistan and Uzbekistan are members. While four countries in this organization has been included as an observer. these countries are, Afghanistan, Belarus, Iran and Mongolia is. Similarly, six countries Armenia as dialogue partners in this organization,Azerbaijan, cambodia,Nepal,Sri Lanka and Turkey have been included. leave russia So this organization is the biggest organization of the Asian countries. Obviously India’s proposal Acceptance will not only benefit the large population of Asia, rather member governments Will also happen on mutual transactions. It is necessary to remind here that Bhima developed by India UPI’s QR is currently being implemented in Singapore, a major country in Asia., United Arab Emirates,UAE), Has been accepted in Nepal and Bhutan as well as Mauritius.

(Umesh Chaturvedi, senior Indian journalist)