New Delhi: The Unified Payments Interface (UPI) has played a significant role in transforming India’s digital payment landscape and promoting financial inclusion, said RBI Governor Shaktikanta Das at the Grand Finale of the G20 TechSprint 2023.
“The UPI has been described as a game-changer for India’s digital payment ecosystem. It has not only revolutionised digital payments but has also contributed to financial inclusion by bringing millions of unbanked individuals into the formal financial system,” Das said.
As of August 2023, the total number of transactions on the UPI platform exceeded 10 billion transactions, showcasing its pivotal role in India’s digital payment landscape. More than 70 mobile apps and over 50 million merchants across India now accept UPI payments, demonstrating its wide acceptance among businesses and consumers.
Das also commended India’s thriving startup ecosystem, talented workforce and dedication to digital transformation. He emphasised that India is leveraging technology to bridge gaps, empower individuals and promote financial inclusion.
India’s digital public infrastructure, including Aadhaar (a biometric identity system), affordable internet access and widespread mobile phone services, has played a crucial role in expanding access to financial services for people across the country.
Das stated that the Reserve Bank of India is committed to promoting responsive innovation. It has taken strategic steps, such as establishing the Fintech Department within the RBI to oversee the evolving fintech sector and creating the Reserve Bank Innovation Hub, a subsidiary focused on technology-based projects aimed at benefiting the masses.
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