https://sputniknews.in/20230910/new-delhi-wants-upi-as-global-standard-for-universal-payment-systems-digital-india-ceo-4162074.html
New Delhi Wants UPI as Global Standard For Universal Payment Systems: Digital India CEO
New Delhi Wants UPI as Global Standard For Universal Payment Systems: Digital India CEO
Sputnik India
India, the current chair of the G20, wants to see its homegrown payment service, the Unified Payments Interface or UPI, become the standard payment system in the world.
2023-09-10T12:54+0530
2023-09-10T12:54+0530
2023-09-10T12:54+0530
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India, the current chair of the G-20, wants to see its homegrown payment service, the Unified Payments Interface or UPI, become the world's standard payment system, a high-ranking government official associated with India's Digital Public Infrastructure program has said.The remarks by Abhishek Singh, who serves as the CEO of the Digital India Corporation, the federal government's premier organization tasked with developing DPI across the country, came on the same day as the G-20 leaders' adoption of the Delhi Declaration, which put a major thrust on developing DPI, especially in low and middle-income nations.Following a major diplomatic victory for New Delhi after G-20 member states reached a consensus over contentious issues and released a Leaders Communique, Indian Finance Minister Nirmala Sitharaman emphasized that India's G-20 presidency has left a mark with Digital Public Infrastructure becoming one of the forum's core areas of focus.She added that G-20 member countries have acknowledged that digital public infrastructure which is safe, trusted, inclusive, and secure is critical for empowering neglected sections of society.In light of this, Singh, who spoke with Sputnik India in an exclusive interview, asserted that India has been a pioneer in developing Digital Public Infrastructure in a bid to provide digital skills to its citizens.Among other topics, Singh highlighted India's push for the adoption of UPI or similar models across the globe to allow payments to be made in local currencies, among others.Sputnik India: Throughout India's G-20 presidency, Prime Minister Narendra Modi has spoken about digital inclusion and Digital Public Infrastructure (DPI). What role do you think India can play in fostering digital inclusion across the world, particularly in Global South countries?Abhishek Singh: One of the key decisions on which consensus was achieved in the digital economy working group was to build a global Digital Public Infrastructure repository and towards this objective, India has become one of the prime contributors to the DPI repository.All such projects in India are becoming a part of the DPI repository. Any country from the Global South, or low and middle-income nations, or for that matter any sovereign state in the world who wants to adopt it, these solutions are available to adopt everywhere.As far as digital inclusion is concerned, India has been a pioneer in this through the common service centres project or the digital skilling that we have done.That's why, the digital economy working group has also come out with a framework for digital skilling. This is how we will ensure that every person in India and ultimately every individual in the world has the minimum basic skills for them to access the e-services that have been made available in the country.Hence, this overall coming together of all the G-20 nations, building a consensus around DPI, digital skilling and cybersecurity will go a long way in ensuring that we are a connected world, and we are, as per the motto of G-20, one Earth, one family, one future.Therefore, digital technologies will help us achieve this G-20 goal.Sputnik India: UPI is the Indian government's flagship payments system, which is useful in many ways and its benefits include trade, using our national currency overseas, and overcoming disruptions amongst others. How do you see the potential of UPI in the coming years?Abhishek Singh: UPI is huge. Out of all the transactions that take place in the world, 46 percent of them happen in India, and I believe UPI has become ubiquitous in India.What we are trying to do is that we have integrated it with the Pay Now system of Singapore, and the Pix payment system of Brazil, based on a UPI kind of architecture.Ultimately, we want the UPI standards to become universal payment standards globally, and when more and more countries adopt it and integrate their national payment systems with a UPI kind of system, it will become very easy to transfer money anywhere in the world while following local laws and regulations.This would ensure just like we can transfer funds seamlessly within India by just having a UPI ID and not even knowing the account number. Similarly, this would become a global standard, and that's something we are working on. Hopefully, in the next few years, this will become a reality.Sputnik India: What does India seek to achieve by showcasing its Digital Public Infrastructure projects to members of the G-20?Abhishek Singh: India is known globally for digital transformation projects that we have implemented at the population scale. Whether it is our identity project in the form of Aadhar, the UPI project of digital payments, or paperless governance project called Digilocker or e-Sanjeevani telemedicine, or Deeksha, the education tech platform.When the whole world is here in New Delhi, and they are looking at how India has used digital technologies to transform governance, to empower people, we have tried to showcase our marquee projects to let foreign delegates, [and] media people who come from all over the world experience it in real time.We have attempted to give them an immersive experience and to experience how a UPI transaction works or how our telemedicine service works on E-Sanjeevani from anywhere in the rural parts of India or the Bhashini project which allows seamless translation between all Indian languages.For the G-20 event, we also brought an interface of all UN languages through Bhasini so that we could communicate with each other. That's why we have had people who speak Hindi talk to people who can only speak Japanese or Russian, and they can communicate with each other.We also built a Jugalbandi (India's free and open AI platform) kind of interface where you could ask questions about the G-20. For example, what are the outcome documents for the finance track, or what is the outcome document of the digital economy working group? One receives answers in their mother tongue in audio format on the phone on a very simple WhatsApp interface.What we have tried to do is to showcase all our projects, and let people know how they work, and those countries who are interested in replicating or adopting these projects, and customizing them, can connect with us. They even get to interact with project teams and think about replicating the digital public infrastructure that we have built in India.
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India, the current chair of the G-20, wants to see its homegrown payment service, the Unified Payments Interface or UPI, become the world's standard payment system, a high-ranking government official associated with India's Digital Public Infrastructure program has said.
The remarks by Abhishek Singh, who serves as the CEO of the Digital India Corporation, the federal government's premier organization tasked with developing DPI across the country, came on the same day as the G-20 leaders' adoption of the Delhi Declaration, which put a major thrust on developing DPI, especially in low and middle-income nations.
Following a major diplomatic victory for New Delhi after G-20 member states reached a consensus over contentious issues and released a Leaders Communique, Indian Finance Minister Nirmala Sitharaman emphasized that India's G-20 presidency has left a mark with Digital Public Infrastructure becoming one of the forum's core areas of focus.
"Digital Public Infrastructure (DPI) has also been integrated into the G-20 Financial Inclusion Action Plan (FIAP) which will run between 2024 and 2026; that is a strong legacy of the Indian presidency," Sitharaman said in a press conference in Delhi.
She added that G-20 member countries have acknowledged that digital public infrastructure which is safe, trusted, inclusive, and secure is critical for empowering neglected sections of society.
"We welcome the G-20 Framework for Systems of Digital Public Infrastructure, a voluntary and suggested framework for the development, deployment, and governance of DPI," the Leaders' Declaration adopted at the New Delhi summit on Saturday said.
In light of this, Singh, who spoke with Sputnik India in an exclusive interview, asserted that India has been a pioneer in developing Digital Public Infrastructure in a bid to provide digital skills to its citizens.
Among other topics, Singh highlighted India's push for the adoption of UPI or similar models across the globe to allow payments to be made in local currencies, among others.
Sputnik India: Throughout India's G-20 presidency, Prime Minister Narendra Modi has spoken about digital inclusion and Digital Public Infrastructure (DPI). What role do you think India can play in fostering digital inclusion across the world, particularly in Global South countries?
Abhishek Singh: One of the key decisions on which consensus was achieved in the digital economy working group was to build a global Digital Public Infrastructure repository and towards this objective, India has become one of the prime contributors to the DPI repository.
All such projects in India are becoming a part of the DPI repository. Any country from the Global South, or low and middle-income nations, or for that matter any sovereign state in the world who wants to adopt it, these solutions are available to adopt everywhere.
As far as digital inclusion is concerned, India has been a pioneer in this through the common service centres project or the digital
skilling that we have done.
That's why, the digital economy working group has also come out with a framework for digital skilling. This is how we will ensure that every person in India and ultimately every individual in the world has the minimum basic skills for them to access the e-services that have been made available in the country.
Hence, this overall coming together of all the G-20 nations, building a consensus around DPI, digital skilling and cybersecurity will go a long way in ensuring that we are a connected world, and we are, as per the motto of G-20, one Earth, one family, one future.
Therefore, digital technologies will help us achieve this G-20 goal.
Sputnik India: UPI is the Indian government's flagship payments system, which is useful in many ways and its benefits include trade, using our national currency overseas, and overcoming disruptions amongst others. How do you see the potential of UPI in the coming years?
Abhishek Singh: UPI is huge. Out of all the transactions that take place in the world, 46 percent of them happen in India, and I believe UPI has become ubiquitous in India.
What we are trying to do is that we have integrated it with the Pay Now system of Singapore, and the Pix payment system of Brazil, based on a UPI kind of architecture.
Ultimately, we want the UPI standards to become universal payment standards globally, and when more and more countries adopt it and integrate their national payment systems with a UPI kind of system, it will
become very easy to transfer money anywhere in the world while following local laws and regulations.
This would ensure just like we can transfer funds seamlessly within India by just having a UPI ID and not even knowing the account number. Similarly, this would become a global standard, and that's something we are working on. Hopefully, in the next few years, this will become a reality.
Sputnik India: What does India seek to achieve by showcasing its Digital Public Infrastructure projects to members of the G-20?
Abhishek Singh: India is known globally for digital transformation projects that we have implemented at the population scale. Whether it is our identity project in the form of Aadhar, the UPI project of digital payments, or paperless governance project called Digilocker or e-Sanjeevani telemedicine, or Deeksha, the education tech platform.
When the whole world is here in New Delhi, and they are looking at how India has used digital technologies to transform governance, to empower people, we have tried to showcase our marquee projects to let foreign delegates, [and] media people who come from all over the world experience it in real time.
We have attempted to give them an immersive experience and to experience how a UPI transaction works or how our telemedicine service works on E-Sanjeevani from anywhere in the rural parts of India or the Bhashini project which
allows seamless translation between all Indian languages.
For the G-20 event, we also brought an interface of all UN languages through Bhasini so that we could communicate with each other. That's why we have had people who speak Hindi talk to people who can only speak Japanese or Russian, and they can communicate with each other.
We also built a Jugalbandi (India's free and open AI platform) kind of interface where you could ask questions about the G-20. For example, what are the outcome documents for the finance track, or what is the outcome document of the digital economy working group? One receives answers in their mother tongue in audio format on the phone on a very simple WhatsApp interface.
What we have tried to do is to showcase all our projects, and let people know how they work, and those countries who are interested in replicating or adopting these projects, and customizing them, can connect with us. They even get to interact with project teams and think about replicating the digital public infrastructure that we have built in India.
