Bengaluru: Reserve Bank of India (RBI) Governor, Shaktikanta Das has offered India’s Unified Payments Interface (UPI) system as a plug-and-play model for other countries to enable quicker and cheaper transactions among different countries. The objective of this initiative is to attain harmonization and interoperability of payment systems among communities of nations.
Speaking at the RBI@90 Global Conference on ‘Digital Public Infrastructure and Emerging Technologies’, the RBI Governor explained that the key challenge in speeding up the process of cross-border payments is that countries prefer to design their own systems as per their domestic considerations. This poses technical barriers and also adds to the cost. India can develop a plug-and-play system for other countries to offer a quicker and cost-effective solution, keeping in mind the sovereignty of different nations.
Shaktikanta Das also highlighted that the initiative aligns with India’s G20 presidency theme of ‘One Earth, One Family, One Future’. It emphasizes the country’s readiness in sharing its technology to build a more resilient and connected global financial ecosystem. He pointed out that the UPI system’s success in India’s diverse settings demonstrates its potential for international application and invited the delegates to participate in a detailed session dedicated to India’s UPI.
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