Unified Payments Interface is a world-class payments system, which can anchor a broader suite of fintech applications and drive India’s digital growth. Analyse (200 Words)
Refer - Financial Express
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IAS Parliament 4 years
KEY POINTS
· In a recent address to leaders of the US-India Business Council, Indian prime minister highlighted the growth and gaps in India’s digital economy. Doubling the size of Digital India requires bridging this divide and expanding access to the tools and platforms that power India’s digital economy today.
· Rapidly scaling UPI is the need of the hour and one of the best ways to strengthen India’s digital economy. Today people can send money to their ageing parents isolated during this time of physical distancing. Migrant workers can support their families. Farmers can make sales outside of the market.
· In fact, NPCI has also set a goal to grow UPI to 500 million users by 2022, which if achieved, would be a true gamechanger for Digital India. We are eager to contribute to this effort by launching payments on WhatsApp across India and help power a new wave of fintech innovation and financial inclusion.
· The UPI infrastructure was built for scale and reaching hundreds of millions of people without the risk of any one company grabbing an unfair share. Given the limited number of people who are able to send money to friends and loved ones even today, it is imperative more tech companies are able to leverage the power of UPI to expand the digital ecosystem to accelerate financial inclusion.
· Indeed, UPI is a world-class payments system, that can also anchor a broader suite of fintech applications like micro-pensions, digital insurance products, and flexible loans which WhatsApp can facilitate.
· These powerful tools can build on the extraordinary success India has made in lifting millions of people out of poverty and build resilience to future economic shocks. Covid-19 has only underscored the importance of these tools, which will serve as critical lifelines for small and micro-enterprises and individuals as they look to recover from the pandemic.
· While the world grapples with Covid-19, India continues to stride forward. We see a nation that is determined to meet its moment and the unique needs of all of its citizens. With courage, ambition, and boundless potential, India can emerge from this pandemic stronger than ever before—a leading democratic digital powerhouse that will lead the world through the 21st century.
Saravanan 4 years
Pls review
IAS Parliament 4 years
Good attempt. Keep Writing.
aswin 4 years
please review
IAS Parliament 4 years
Good attempt. Keep Writing.
