Commonwealth Secretary General welcomes India's offer to share UPI tech
- IBEF
- October 28, 2022
Ms. Patricia Scotland, secretary general of the Commonwealth of Nations, has praised India's willingness to share its ground-breaking Unified Payments Interface (UPI) technology with other Commonwealth nations, calling it potentially transformative.
UPI is a peer-to-peer (P2P) immediate real-time payment system that enables interbank transactions. The transaction is carried out by mobile in a few simple steps. Additionally, there are currently no fees associated with UPI transactions. It was crucial in India’s shift to a cashless economy.
The low-cost method of cashless transactions has been gaining popularity month after month.
India presented a proposal during the October 12 Commonwealth Bank of Governors meeting. Ms. Scotland told PTI in an interview that she appreciates this gesture very much. She noted that the Commonwealth's member countries are eager to implement the electronic payment system.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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