UPI Best Payments System in world: Reserve Bank Governor By CIOTechOutlook Team

UPI Best Payments System in world: Reserve Bank Governor

CIOTechOutlook Team | Friday, 12 January 2024, 03:35 IST

Reserve Bank Governor Shaktikanta Das refuted allegations from some quarters that, following the massive success of UPI, its developer NPCI has become a monopoly, claiming that there is still room for the payment software to grow and become the world leader in payments. The Unified Payments Interface, or UPI, established by the National Payments Corporation of India (NPCI), has been a huge success and is already in use in other countries, including Singapore and the UAE.

Its monthly volume in the country crossed the 100-billion mark many months ago. RBI is in discussion with more central banks in other countries. Dismissing the criticism that NPCI, set up by RBI and other financial institutions, has become a monopoly, he said, it is the best creation, as per economic times

"UPI has already become a digital public infrastructure. In fact it has to grow even further. I would say this is the best payments system in the world as of now and I wish it becomes the world leader in it," he said.

However, he stated that the RBI is not opposed to having a competitor to the NPCI, and in fact has sought applications for the same. However, none of the proposals they have received thus far have offered anything fresh.

"If fact, all the proposals looked almost a copy of what NPCI is already doing with some minor modifications...So we haven't taken an official view and as and when we do that we will clear our stand on the idea of creating a rival to NPCI," Das said.