Digital transactions will quickly exceed money in India: PM Modi
3 min readBy PTI
NEW DELHI: Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will quickly surpass money as Unified Payments Interface (UPI) is more and more turning into essentially the most most well-liked fee mechanism within the nation.
Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore stated about 74 billion transactions amounting to greater than Rs 126 trillion, which is roughly 2 trillion Singapore dolla, was performed by way of UPI in 2022.
“Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” he stated.
A lot of transactions by way of UPI display that this indigenously designed fee system may be very safe, he stated.
Modi alongside together with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore by way of video conferencing.
The first transaction was performed by Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon.
The linkage of those two fee techniques would allow residents of each nations in sooner and cost-efficient switch of cross-border remittances.
It can even assist the Indian diaspora in Singapore, particularly migrant staff and college students, by way of instantaneous and low-cost switch of cash from Singapore to India and vice-versa.
India has emerged as one of many fastest-growing ecosystems for fintech innovation.
A key emphasis of the Prime Minister has been on making certain that the advantages of UPI usually are not restricted to India solely however prolong to different nations as properly.
NEW DELHI: Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will quickly surpass money as Unified Payments Interface (UPI) is more and more turning into essentially the most most well-liked fee mechanism within the nation.
Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore stated about 74 billion transactions amounting to greater than Rs 126 trillion, which is roughly 2 trillion Singapore dolla, was performed by way of UPI in 2022.
“Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” he stated.
A lot of transactions by way of UPI display that this indigenously designed fee system may be very safe, he stated.
Modi alongside together with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore by way of video conferencing.
The first transaction was performed by Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon.
The linkage of those two fee techniques would allow residents of each nations in sooner and cost-efficient switch of cross-border remittances.
It can even assist the Indian diaspora in Singapore, particularly migrant staff and college students, by way of instantaneous and low-cost switch of cash from Singapore to India and vice-versa.
India has emerged as one of many fastest-growing ecosystems for fintech innovation.
A key emphasis of the Prime Minister has been on making certain that the advantages of UPI usually are not restricted to India solely however prolong to different nations as properly.
