Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday stressed on internationalization of payment products. He said India’s G20 presidency should be used to tell India’s e-payments story globally and internationalize payment products like UPI and Rupay.
Inaugurating the Payment System Operators (PSO) conference here, Das said India’s indigenous payment products like UPI and RuPay network are increasing their global presence and will facilitate cross-border payments.
He said, “Under the Reserve Bank’s Payments Vision 2025, we are committed to the vision of ‘e-payments for everyone, everywhere, every time’. We must take advantage of every opportunity to internationalize our payment products. It will open a whole new world. Opportunities will be ready for our country. This is the year of India’s chairmanship of G20. Let us tell the story of India to the whole world.”
The Governor further said that with the Indian economy increasingly getting integrated with the global system, cross border payments have become more important. He said that our domestic payment products like UPI and Rupay network are increasing their global reach.
The launch of UPI integration with Penau in Singapore is a major step in this direction.
