Friday, March 24, 2023

India needs to internationalize payment products: RBI Governor Das – Usky News

Kochi: Governor of the Reserve Bank Shaktikanta Das Saturday underlined the need to use the G20 Presidency to present India’s e-payments story to a global audience and seize the opportunity to internationalize payment products such as Paytm. is i And rupees,
Inaugurating the Payment System Operators (PSO) conference here, Das said India’s indigenous payment products such as UPI and RuPay network are increasing their global presence and will ease cross-border payments.
“Under the Reserve Bank’s Payments Vision 2025, we are committed to the core theme of ‘e-payments for everyone, everywhere, everytime’ (4Es). We must seize every opportunity to internationalize our payment products. This Will open up a new world. Opportunities for our country. This is the year of the Indian Presidency of the G20. Let us present India’s story to a global audience,” he said.
The governor further said that with the Indian economy increasingly integrated with the global system, cross border payments have become more important.
“Our homegrown payment products, UPI and RuPay network, are increasing their global footprint,” he said, and the launch of UPI linkage with Singapore’s Penau is a big step forward.
Das envisions such connectivity with other countries in the future, making cross-border payments simple, affordable and in real-time.
QR code based merchant payments through UPI app is already enabled in Bhutan, Singapore and UAE. All these will also help in projecting India’s soft power globally.
“I would like to say that a lot has been achieved but a lot more can and should be done in the days to come,” he said.
Das emphasized that payments and settlements are serious businesses with potential downsides if anything goes wrong. There should be an effort to reduce such downsides and capitalize on the upsides.
“This is something all market participants must recognize and constantly remind themselves of. Every failed transaction, every fraud attempted or actually committed, every complaint that is not satisfactorily addressed, is a matter of concern. There must be reason and should invite a detailed root cause analysis.
“It would be good to remember that like a batsman on a cricket field, you are only good till the last ball you face. Together we must ensure that no one in the country is left behind in the digital payments journey,” he said . ,
The launch of Unified Payments Interface (UPI) in 2016 has revolutionized the payments ecosystem with around 803 crore transactions worth Rs 13 lakh crore in January 2023 alone.
Das further said that the widespread use of mobile phones along with the availability of internet services has given a boost to digital payments.
This has paved the way for “anytime anywhere” banking that goes beyond traditional branch banking hours. He said that about 1,050 crore retail digital payment transactions worth Rs 51 lakh crore processed in January 2023 stands as a testimony to the size and efficiency of India’s digital payments.


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