The central government, taking India's G20 presidency as an opportunity to showcase the country's digital public goods to the world and its initiative, has decided to provide hands-on experiences to around 1,000 visiting foreign delegates with UPI wallets technology, besides explaining them about ease of making payments through the indigenous solution.
The Unified Payments Interface, a mobile-based fast payment system, enables customers to make round-the-clock payments, using a virtual payment address created by the customer.
The UPI payment system is gaining popularity in India for retail digital payments, and its adoption is increasing at a rapid rate.
India's digital payment infrastructure has been driven by a fast-growing ecosystem for fintech innovation, and the government and the central bank have played a crucial role in fostering the globalization of India's digital payment infrastructure. The Indian government has been dedicated to making sure that the benefits of UPI are not only limited to India but also benefit other countries, too.
So far, Sri Lanka, France, UAE, and Singapore have collaborated with India on emerging fintech and payment solutions.
The RBI extended unified Payments Interface-based payments for in-bound passengers from G20 nations earlier this year to make local payments while they are in India. It was made available in April.
India is all set to host the G20 summit in New Delhi on September 9-10.
World leaders are expected to attend the G20 summit in New Delhi. The summit will take place at the state-of-the-art Bharat Mandapam Convention Centre in Pragati Maidan, New Delhi.
In December last year, India acquired the presidency of the G20 and about 200 meetings related to the G20 were held in 60 cities across the country.
The government today launched the mobile app for seamless and seamless functions with Indian and foreign delegates. The G20 in India mobile app, which has all member nations' language options, will aid delegates in accessing UPI and navigation facilities during the summit.
10 Comments
Mariposa
The decision to promote UPI wallets technology to foreign delegates may create a false perception that India's digital payment infrastructure is flawless and without issues.
Comandante
India's emphasis on sharing the benefits of UPI with other countries aligns with the spirit of global cooperation and mutual development promoted by the G20 Summit.
Answer
India's emphasis on sharing the benefits of UPI with other countries aligns with the spirit of global cooperation and mutual development promoted by the G20 Summit.
Jordan
The launch of a mobile app tailored to the needs of delegates can streamline communication and facilitate smooth coordination during the summit.
Bella Ciao
Hosting the G20 Summit presents an opportunity for India to showcase its state-of-the-art infrastructure, including the Bharat Mandapam Convention Centre at Pragati Maidan.
Muchacha
The promotion of UPI wallets technology may overshadow other important contributions that India could showcase during the G20 Summit, such as cultural heritage, economic growth, and diplomatic relations.
Coccinella
UPI payment system's popularity in India demonstrates its effectiveness and reliability, making it a valuable model for other countries to emulate.
marshal
It is questionable whether foreign delegates attending the G20 Summit would be interested in or benefit from hands-on experiences with UPI wallets technology.
Mariposa
The emphasis on digital payment solutions may neglect the needs of those who still rely on cash transactions or lack access to digital platforms.
ZmeeLove
Collaboration with countries like Sri Lanka, France, UAE, and Singapore on fintech and payment solutions can lead to knowledge-sharing and innovation in the sector.