MUMBAI: Reserve Bank Governor Shaktikanta Das has underlined the need for using the G20 presidency to present India‘s e-payment story to the global audience and seize the opportunity to internationalise payment products like UPI and RuPay.
India’s home-grown payment products like UPI and RuPay network are increasing their global footprint and will make cross-border payments easier, Das said while inaugurating the Payment System Operators (PSO) conference here.
“Under Reserve Bank’s Payments Vision 2025, we stand committed to the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). We must seize every opportunity to internationalise our payment products. This will open up a new world of opportunities for our country. This is the year of the Indian Presidency of the G20. Let us present the India story to the global audience,” he said.
The Governor further said with the Indian economy getting increasingly integrated with the global system, cross border payments had assumed greater significance “Our home-grown payment products, UPI and RuPay network, are enhancing their global footprint,” he said and added that launch of UPI linkage with Singapore’s PayNow was a major step forward. In future, Das added, such linkages with other countries will make cross border payments simple, affordable and real-time.
QR code-based merchant payments through UPI apps are already enabled in Bhutan, Singapore and the UAE. All these would also help project India’s soft power at the global level. “I would like to say that a lot has been achieved but a lot more can and should be done in the days ahead,” he said.
