“FinTech connectivity will not only boost cross-border transactions but also connections. India’s UPI (Unified Payment Interface) is now playing the role of ‘Uniting Partners with India’,” he added.
He asserted that Digital Public Infrastructure such as UPI has brought about changes in the smallest of villages in India, as the technology is convenient and fast.
In 2023, a record 100 billion transactions valued at Rs 2 trillion were made via UPI, PM Modi said.
“Digital Public Infrastructure has brought about a revolutionary change in India. Even the smallest businessman in our smallest village is making digital payments because it has convenience as well as speed,” he said.
Unified Payments Interface (UPI) is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions.