This article was first published in moneycontrol.com September, 06, 2023
India has “legitimate bragging rights” on the strides made in the space of Unified Payments Interface (UPI) especially since New Delhi’s digital revolution is led by the public-sector unlike in the West wherein private sector plays a primary role, political scientist Nalin Mehta told Moneycontrol.
Responding to Prime Minister Narendra Modi’s exclusive interview to Moneycontrol, Mehta said first with the JAM Trinity scheme that stands for Jan Dhan Yojana, Aadhaar and Mobile number, and then with the UPI, India has entirely changed social welfare in terms of direct benefit transfer as well as the hinges of the economy with how transactions are facilitated with states and among individuals.
Calling it the center piece of India’s G20 presidency, Mehta said UPI is now a major tool for India’s diplomatic strategies.
After the success of UPI locally, India has been pushing to internationalise the home-grown payments system globally and has signed agreements with some countries such as United Arab Emirates to set up a framework to use their respective local currencies to settle bilateral transactions and link their fast payment systems
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This article was first published in moneycontrol.com September, 06, 2023
