Digital transactions will soon exceed cash in India: PM Modi | India News – Times of India

NEW DELHI: Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will quickly surpass money as Unified Funds Interface (UPI) is more and more turning into essentially the most most popular cost mechanism within the nation.
PM Modi, after the launch of the cross-border connectivity between the UPI and PayNow of Singapore, mentioned about 74 billion transactions amounting to greater than Rs 126 trillion, which is roughly 2 trillion Singapore dolla, was completed via UPI in 2022.
“Many specialists are estimating that very quickly India’s digital pockets transactions are going to overhaul money transactions,” he mentioned.
Numerous transactions by way of UPI exhibit that this indigenously designed cost system may be very safe, he mentioned.
PM Modi, alongside together with his Singaporean counterpart Lee Hsien Loong, witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore by way of video conferencing.
The primary transaction was completed by Reserve Financial institution of India Governor Shaktikanta Das and Financial Authority of Singapore (MAS) managing director Ravi Menon.
The linkage of those two cost methods would allow residents of each nations in quicker and cost-efficient switch of cross-border remittances.
It would additionally assist the Indian diaspora in Singapore, particularly migrant employees and college students, via instantaneous and low-cost switch of cash from Singapore to India and vice-versa.
India has emerged as one of many fastest-growing ecosystems for fintech innovation.
A key emphasis of the Prime Minister has been on making certain that the advantages of UPI should not restricted to India solely however prolong to different nations as nicely.

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