Union IT minister Ashwini Vaishnaw is upbeat on the global adoption of digital payment system Unified Payment Interface (UPI). Speaking to Times Now media at the third edition of the FinTech Festival India in New Delhi, the IT minister said that as many as 30 countries are keen on adopting India’s UPI payment system.
“A total of 30 countries across the globe have shown interest in adopting UPI interface for digital payments, with many being from Europe,” said Vaishnaw.
Countries that support UPI
Several countries have already adopted India’s UPI interface for digital payments. These include Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan and Nepal.
UPI is a mobile-based payment system that can be used to make transactions at any time of the day. This system allows users to link multiple bank accounts to a single app and access several banking services under one interface.
According to data shared by RBI governor Shaktikanta Das, India also leads on the global platform in online transactions. The central bank claimed that the country accounts for 46% of the online transactions that happen around the world. RBI also said that 80% digital transactions that take place in India are done through UPI.
Another report by PWC India predicts that UPI transactions are likely to cross 100 crore transactions per day and may account for 90% total digital transaction volumes by the next five years.
