RBI says, internationalisation of unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change.
The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities, including successful instant debit reversals at 86 percent.
RBI Deputy Governor Michael Debabrata Patra said, India’s UPI, an open-ended system that powers multiple bank accounts into a single mobile application of any participating bank, is propelling inter-bank peer-to-peer and person-to-merchant transactions seamlessly.
According to Mr Patra, innovations in the digital credit landscape, such as Account Aggregators, OCEN, and financial services on ONDC, have also contributed to productivity gains. Around 40 per cent of the rural population and 78 percent of the 20-30 years age group in the overall population use the internet in India.
Approximately one-third of households engage in online purchases of consumables and services, one-fourth in buying consumer durables, and nearly one-tenth in food purchases.
Mr Patra said, India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology (IT) sector, and a burgeoning youth population.
