At the Global Fintech Fest, RBI Governor Shaktikanta Das highlighted the significant strides India’s financial technology sector is making, emphasizing the global expansion of UPI (Unified Payments Interface) and RuPay. He stated that these payment systems, which have revolutionized digital payments in India, are now set to establish a global footprint, showcasing India’s prowess in fintech innovation.
Source:- news 18
Das noted that UPI, known for its seamless, real-time transactions, has become a benchmark for digital payment systems worldwide. The RBI is actively working with other central banks and international regulators to integrate UPI with global payment systems, making cross-border transactions more efficient and cost-effective. Several countries, including Singapore, UAE, and France, have already shown interest in adopting UPI’s technology, reflecting its growing influence on the global stage.
Source:- BBC news
Similarly, RuPay, India’s indigenous card payment network, is also poised for international expansion. Currently, RuPay cards are accepted in several countries, and the RBI is working to increase this footprint further. The Governor highlighted efforts to link RuPay with other global card networks, enhancing its accessibility for international transactions and promoting India’s digital payment standards abroad.
The expansion of UPI and RuPay aligns with the Indian government’s vision of a “Digital India” and aims to position India as a leader in the global fintech ecosystem. Governor Das emphasized that these initiatives would not only enhance financial inclusion within India but also offer a reliable, efficient, and secure payment alternative for global markets. As UPI and RuPay expand their reach, they are set to play a pivotal role in shaping the future of digital payments, both domestically and internationally, marking a significant milestone in India’s fintech journey.
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