Finance Minister Nirmala Sitharaman has asked the banks to investigate developing deeper digital prospects and use UPI as a revolutionary innovation to empower millions of people as the unified payments interface (UPI) expands globally.
As to FM Sitharaman, UPI from India now accounts for 45% of all digital payments made worldwide.
The Finance Minister remarked at a Pune event that a strong banking system can contribute to social advancement, economic expansion, and environmental sustainability. It can also help banks prosper as UPI grows. Now that some nations have responded positively, the RBI is concentrating on making “UPI and RuPay truly global.”
According to the most recent statistics from the National Payments Corporation of India (NPCI), UPI had a 31% YoY increase in August, reaching a record 14.96 billion transactions. The total value of transactions was Rs 20.61 lakh crore.
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