‘Potentially transformational’: Commonwealth Secretary General Scotland welcomes India’s supply to share UPI expertise with member nations

Deeming the collaboration as ‘probably transformational’, Scotland welcomed India’s supply to share its path-breaking Unified Payments Interface (UPI) expertise with different member nations. UPI is an immediate real-time fee system which facilitates inter-bank peer-to-peer (P2P) transactions.

Washington,UPDATED: Oct 28, 2022 12:43 IST

Scotland welcomed India’s UPI system, a peer-to-peer and inter financial institution fee system. (Image: Representative)

By Press Trust of India: Commonwealth Secretary-General Patricia Scotland welcomed India’s supply to share its path-breaking Unified Payments Interface (UPI) expertise with different member nations, hailing the transfer as “potentially transformational.”

UPI is an immediate real-time fee system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is completed by cellular in straightforward steps. Besides, there aren’t any expenses relevant for the UPI transaction to this point. Moreover, it has performed a key position within the nation making a transition to a cashless economic system. The cheap medium for cashless transactions has been gaining traction on a month-on-month foundation.

Payment by UPI crossed a milestone of Rs 11 lakh crore in September, as per the info launched by the National Payments Corporation of India.

“An offer was made by India at the Commonwealth Bank of Governors meeting on October 12. This generosity is very welcome,” Scotland advised PTI in an interview.

India’s willingness to share its expertise with others, makes it completely different from different nations, she famous.

“We do think that India is a very bright spot. But the brightest spot is the willingness that India has to share that technology. The Indian bank has indicated in our government bank governance meeting, that they are willing to share the technology for this UPI with other member states. You know that (this) costs a lot of money to develop.

This openness and generosity is very welcome,” the secretary normal of the 56-nation group mentioned.

“But India’s innovation has given hope to many of those member states. Because not only has India developed these new techniques, but she has been willing to share them with others for the public good. This has been potentially transformational. Because India has seen and tested some of these developments which other countries are now thirsting for, and India’s been willing to share. So, it is a bright spot,” she noticed.

Commonwealth regulation ministers will likely be assembly in Mauritius.

“One of the opportunities we’re going to be talking about is not just digital trade, but how do we transform the justice system, and take better advantage of digitisation in all of our countries,” she mentioned.

The Commonwealth member nations, she noticed, are wanting ahead to adopting the digital fee system.

“Because of the fact that now, India has raised millions of its people out of poverty. By giving these direct payments in their hands, you’ve been able to get immediacy, women have benefited enormously from this. Because they don’t get the money transferred to other people, they’re getting it right here,” she added.

Published On:

Oct 28, 2022