Synopsis
Professor Carlos Montes from the University of Cambridge highlights the potential for other countries to learn from India's Unified Payments Interface (UPI) experience. During his visit, he noted UPI's impressive growth and its expanding global presence, which enhances India's financial landscape.Key Takeaways
- UPI serves as a model for international payment systems.
- India recorded 16.99 billion transactions in January.
- UPI operates in over 7 countries, including UAE and Singapore.
- Government innovation drives UPI's high adoption rate.
- Global expansion enhances remittance flows and financial inclusion.
New Delhi, Feb 28 (NationPress) The Unified Payments Interface (UPI) serves as a valuable model for other nations looking to glean insights from India's journey and consider its implementation, stated Professor Carlos Montes, Lead Innovation Hub at the University of Cambridge Business School.
During his recent visit to India for the NXT event in the capital, Professor Montes was informed about the functionality and milestones of the UPI system, which achieved a record of 16.99 billion transactions in January alone, with a transaction value surpassing ₹23.48 lakh crore.
He expressed his satisfaction with the triumph of the UPI payment framework.
According to Professor Montes, "The expansion of UPI signifies that the government is ensuring that the technology developed is accessible for citizens, complemented by ongoing and consistent innovation, which accounts for the high acceptance rate of UPI in India."
He also pointed out that UPI presents a significant opportunity for other countries to learn from India's experience and consider ways to implement similar systems.
Sudhir Shyam, Economic Adviser at the Department of Financial Services (DFS), remarked that India's digital payments revolution is transcending borders. UPI is swiftly growing globally, facilitating smooth cross-border transactions for Indians abroad.
Currently, UPI operates in over 7 countries, including vital markets like UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, allowing Indians to make international payments. This growth is expected to enhance remittance flows, bolster financial inclusion, and elevate India's standing in the global financial arena.
Shyam also noted that several other nations have expressed interest in UPI.
While the total volume of online transactions has seen remarkable growth over the years, UPI has captured a significant share due to its convenience and low transaction costs. The government remains focused on introducing new innovations to further expand UPI into untapped regions as well.
