Digital transactions will soon exceed cash payments in India, says PM Modi
Experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions
New Delhi, February 21: Prime Minister Narendra Modi on Tuesday expressed that digital transactions that is Unified Payments Interface (UPI) is becoming more favoured payment system in the country. It has and will soon surpass the cash system in India.
PM after launching the cross-border connectivity between the UPI and PayNow of Singapore said that about 74 bn transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022.
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"Many experts are estimating that very soon India's digital wallet transactions are going to overtake cash transactions," he said.
He further said that there is a large number of transactions made via UPI that this domestically designed payment system is secured.
Lee Hsien Loong Singaporean counterpart along with PM Modi witnessed the indigenously designed payment system between the UPI and PayNow of Singapore via video conferencing. In this case the first UPI transaction was done by Reserve Bank of India (RBI) Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon.
These two payment system will help both the countries residents in faster and cost-efficient transfer of cross-border remittances. This system will help in Indian diaspora in Singapore, this will be more beneficial for the migrant workers and the students.
According to reports its been noticed that India has emerged as one of the fastest-growing ecosystems for fintech innovation. A key emphasis of the PM has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well.