UPI is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) transactions.
Transactions are done through mobile in easy steps. Also, there is no charge applicable for UPI transactions as of now.
In addition, it has played a vital role in transforming the country into a cashless economy.
The cheaper medium for cashless transactions is gaining traction month after month.
Payment through UPI has crossed the Rs 11 lakh crore milestone in September, according to the data released National Payments Corporation of India,
“A proposal was made by India Commonwealth Bank of Governors meeting on 12 October. This generosity is most welcome.” Scotland told PTI in an interview.
He said India’s willingness to share its technology with others sets it apart from other countries.
“We think India is a very bright spot. But the brightest spot is India’s willingness to share that technology. indian bank Our state-run bank administration has indicated in the meeting that they are willing to share the technology for this UPI with other member states. You know it costs a lot of money to develop (it). This openness and generosity are very welcome, said the Secretary-General of the Group of 56 countries.
“But India’s innovation has given hope to many of those member countries. Because not only has India developed these new technologies, it is willing to share them with others. It has been potentially transformative. Because India has seen and tested some of these developments, which other countries are now thirsty for, and India is willing to share. So, it is a bright spot,” he observed.
Commonwealth Law Ministers Meeting. will be in Mauritius,
“One of the opportunities we are going to talk about is not just digital trade, but how we can transform the justice system, and better take advantage of digitization in all our countries,” she said.
He said Commonwealth member states are eager to adopt digital payment systems.
“Because the fact is that now, India has lifted millions of its people out of poverty. By giving these direct payments in their hands you are able to get the urgency, it has benefited women a lot. Because they don’t get other Money was transferred to people, they are getting it right here,” he said.