RBI Governor said, India needs to globalize payment products
Kochi : Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday emphasized on internationalization of payment products. He said that India’s G20 presidency should be used to tell India’s e-payments story globally and internationalize payment products like UPI and Rupay. Inaugurating the Payment System Operators (PSO) conference here, he said that India’s indigenous payment products like UPI and RuPay network are increasing their global presence and will facilitate cross-border payments.
He said that under the Reserve Bank’s Payment Vision 2025, we are committed to the goal of ‘e-payment for everyone, everywhere – every time’. We must take advantage of every opportunity to internationalize our payment products. It will open a whole new world. Opportunities will be ready for our country. This is the year of India’s presidency of the G20. Come, let us tell the story of India to the whole world.
RBI Governor Shaktikanta Das further said that cross-border payments have become more important as the Indian economy increasingly integrates with the global system. He said that our domestic payment products like UPI and Rupay network are increasing their global reach. The launch of UPI integration with Singapore’s Penau is a major step in this direction.
What is UPI payment
Unified Payment Interface (UPI) is such a system, due to which payment is done in the blink of an eye. With its help, two parties can transfer money to each other on the mobile platform. In order to add a bank account to any UPI platform, it is necessary that the facility of UPI is available in your respective bank.