UPI Payments: UPI becomes India's payment king, capturing 85% of digital payments

UPI Payments: Reserve Bank of India Governor Sanjay Malhotra stated that 85% of digital payments in India are being made through UPI. Speaking at the World Bank and IMF meetings in Washington, D.C., he stated that UPI has completely transformed India's payments landscape. The platform is promoting financial inclusion, helping small vendors and micro-enterprises adopt digital payments and access affordable loans.

UPI Payments: UPI has become the king of India's digital payments sector. Reserve Bank of India (RBI) Governor Sanjay Malhotra said on Thursday that approximately 85% of digital payments in India are now made through UPI (Unified Payment Interface). He stated that India has now become a role model for the world to study in the field of inclusive and secure digital public platforms (DPPs).

India's Digital Leadership on the Global Stage

Sanjay Malhotra was participating in the annual meetings of the World Bank and the International Monetary Fund (IMF) in Washington, D.C., where he shared India's experiences at the "High-Level Dialogue on Building Economic Strength through Digital Public Platforms." He stated that digital public platforms not only symbolize technological innovation but also serve as important vehicles for inclusive growth and transparent economic development. Through digital identity (Aadhaar) and instant payment system (UPI), India has demonstrated how a robust, transparent, and cost-effective public service delivery system can be established.

Global Appreciation of India's Digital Model

The RBI Governor stated that India's DPP (Digital Public Platform) model can serve as a learning ground for other countries. This model is in keeping with the spirit of "Vasudhaiva Kutumbakam" (One Earth, One Family, One Future), which has also been a key theme of India's G20 presidency. He said, "Our guiding principle has been to create public sector platforms that are for the public good, completely secure, and not motivated by any profit motive." Digital platforms in India are not only helping to smoothly implement government schemes but are also bringing about profound changes in sectors such as credit, healthcare, social security, and agriculture.

UPI has transformed India's payment system

Sanjay Malhotra said that UPI has become India's most successful digital public platform, completely transforming the country's payments landscape. UPI's greatest strength is its secure and efficient real-time bank-to-bank account transactions. Today, approximately 20 billion transactions are processed through UPI every month in India, with a total value of over $280 billion. This data demonstrates how UPI has not only popularized digital payments but also given a new direction to financial inclusion.

UPI has proven to be a boon for small businesses.

UPI has also opened up new opportunities for small businesses and micro-enterprises. They can now easily accept digital payments, creating a formal record of their business transactions. This helps them access loans from financial institutions at lower interest rates and improves their creditworthiness. According to the RBI Governor, this shift is not only digitizing businesses but also promoting economic empowerment in rural and semi-urban areas.

India's Commitment to Global Digital Cooperation

Malhotra also stated that India wants the benefits of digital public platforms to reach the entire world. He said, "We believe that the benefits of digital public platforms should be shared globally, in keeping with the spirit of Vasudhaiva Kutumbakam. India is fully committed to international cooperation in this direction." He also emphasized that India's digital success is not just a result of technology, but of an approach that prioritizes public interest, transparency, and inclusion.

India's digital model sets a precedent for the world.

UPI's 85% share of digital transactions in India is proof that the country has made tremendous progress towards a cashless economy and digital financial inclusion. The RBI Governor's remarks highlight the reliability, security, and effectiveness of India's digital public platforms. This model is not only strengthening India's economic fabric but also elevating Digital India's identity to new heights on the global stage.

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