UPI Has Become The Backbone of Digital Payments in India Says Shaktikanta Das By CIOTechOutlook Team

UPI Has Become The Backbone of Digital Payments in India Says Shaktikanta Das

CIOTechOutlook Team | Tuesday, 05 September 2023, 02:39 IST

As per the RBI Governor Shaktikanta Das, the Unified Payments Interface (UPI) has transformed India's digital payment ecosystem and been instrumental in promoting financial inclusion by bringing millions of unbanked people into the mainstream financial system. At the Grand Finale of the G20 TechSprint 2023, the RBI Governor gave the keynote speech.

Das said, “A landmark example of our commitment to innovation is the UPI, which has been a game changer for India’s Digital payment ecosystem. It has helped to drive financial inclusion by bringing millions of unbanked individuals into the formal financial system”.

According to Governor Das, the UPI platform's total number of transactions hit an astonishing 10 billion in August 2023, establishing its status as the foundation of digital payments in India. He added that there are currently more than 50 million retailers in India accepting UPI payments across more than 70 smartphone apps. Das praised India's strong startup ecosystem, its dynamic talent pool, and the country's steadfast dedication to digital transformation in his speech. He stressed that India is putting a lot of effort into harnessing technology to close gaps, give people more power, and advance financial inclusion.

The RBI Governor said, “TechSprint 2023 resonates profoundly with India’s commitment to innovation. With its robust startup ecosystem, vibrant talent pool and unwavering commitment to digital transformation, India is now focusing on the way technology can be harnessed to bridge gaps, empower individuals and promote financial inclusions”.

Governor Das emphasized the recent rapid growth of digital technology in India and cited their revolutionary effects on the financial system of the nation.

He pointed out that a greater number of individuals, regardless of their geography or social standing, may now access financial services because to India's excellent digital public infrastructure, which includes Aadhaar, affordable internet access, and pervasive mobile phone services.