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India needs to internationalise payment products

March 20, 2023

India needs to internationalise payment products
Reserve Bank Governor Shaktikanta Das on Saturday underlined the need for using the G20 presidency to present India’s e-payment story to the global audience and seize the opportunity to internationalise payment products like UPI and RuPay. India’s home-grown payment products like UPI and RuPay network are increasing their global footprint and will make cross-border payments easier, Das said while inaugurating the Payment System Operators (PSO) Conference.

“Under Reserve Bank’s Payments Vision 2025, we stand committed to the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). We must seize every opportunity to internationalise our payment products. This will open up a new world of opportunities for our country. This is the year of the Indian Presidency of the G20. Let us present the India story to the global audience,” he said.

The governor further said with the Indian economy getting increasingly integrated with the global system, crossborder payments have assumed greater significance.

“Our home-grown payment products, UPI and RuPay network, are enhancing their global footprint,” he said and added launch of UPI linkage with Singapore’s PayNow is a major step forward.

In future, Das added such linkages with other countries will make cross-border payments simple, affordable and real-time.

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