Brief by Shorts91 Newsdesk / 11:32am on 05 Sep 2023,Tuesday Business
RBI Governor Shaktikanta Das stated that Unified Payments Interface (UPI) has emerged as the backbone of India's digital payments ecosystem. Speaking at the G20 TechSprint event, Das said UPI has revolutionized payments and promoted financial inclusion by bringing unbanked individuals into the formal system. He shared that UPI exceeded 10 billion monthly transactions in August 2023, underscoring its pivotal role. Over 70 apps and 50 million merchants across India now accept UPI payments. Das praised India's thriving startup culture and commitment to digital transformation that is leveraging technology for empowerment and inclusion. Under India's G20 presidency, RBI and BIS Innovation Hub have jointly organized the G20 TechSprint to showcase how technology can facilitate efficient cross-border payments globally.
