On Tuesday, India’s Prime Minister Narendra Modi voiced the expectation that as the country’s preferred payment method, the Unified Payments Interface (UPI), continues to grow in popularity, digital transactions will eventually overtake cash transactions.
With the opening of the cross-border connectivity between the UPI and PayNow of Singapore, Modi stated that in 2022, UPI will be used in 74 billion transactions worth more than Rs 126 lakh crore, or almost S$ 2 trillion.
He said; “Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions”.
“A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure”, he added.
Modi and Lee Hsien Loong, the prime minister of Singapore, attended the video conference that marked the beginning of cross-border connectivity between the UPI and PayNow of Singapore.
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Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), carried out the initial transaction.
The integration of these two payment systems would make it possible for citizens of both nations to send money across borders more quickly and affordably. Instantaneous and inexpensive money transfers from Singapore to India and vice versa will also benefit the Indian diaspora in Singapore, particularly migrant workers and students.
One of the ecosystems for financial innovation with the quickest growth is India.
The Prime Minister has placed a strong emphasis on making sure that UPI’s advantages spread to other nations in addition to India.
