UPI can become a blueprint for digital payments for other countries: PM at G20

Addressing the opening session of the first G20 Finance Ministers and Central Bank Governors meeting under the chairmanship of India, Modi said the country would be happy to share its experience on digital payments with the world.

“…during our G20 presidency, we have created a new system. This allows our G20 guests to access India’s path-breaking digital payments platform, UPI. As you use it and experience its ease of use, you will understand why Indian consumers have adopted it so willingly. Examples like UPI can be a template for many other countries as well. We would be happy to share our experience with the world. And, the G20 can be a vehicle for this,” PM Modi said during his video address at the FMCBG G20 meeting, which is taking place in Bengaluru, India’s tech capital.

He said that India’s digital payments ecosystem, which is “highly secure, highly reliable and highly efficient”, has been developed as an open public good, and has contributed significantly to governance, financial inclusion and ease-of-living in India. has been fundamentally changed.

While the Prime Minister highlighted the benefits of digital payments, he said that it was important to develop standards to regulate the risks posed by misuse of the technology.

“During the pandemic, digital payments enabled contactless and seamless transactions. However, some recent innovations in digital finance also carry risks of volatility and abuse. I hope you explore how the power of technology can be harnessed for good, while developing standards to control its potential risks. India’s own experience can be a model,” Modi said.

Meeting in three sessions on Friday and Saturday to discuss leveraging digital public infrastructure to advance financial inclusion and productivity gains, finance resilient, inclusive and sustainable cities for tomorrow, and address shared global challenges Issues such as strengthening multilateral development banks will be covered. Sustainable Development Goals.

Amid global economic uncertainty and geopolitical risks, the Prime Minister urged the participants of the FMCBG G20 meeting to work together to bring stability to the global economy. He also highlighted the erosion of trust in international financial institutions partly due to “slow reforms”.

“The COVID pandemic has dealt a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still facing its after-effects. We are also witnessing rising geopolitical tensions in various parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices. And, food and energy security have become major concerns around the world. Even the financial viability of many countries is threatened by unsustainable debt levels. Now it is up to you – the custodians of the world’s major economies and monetary systems – to bring stability, confidence and growth back to the global economy. It is not an easy task,” Modi said.