UPI can play vital role as a global public asset: Das

Reserve Bank of India Governor Shaktikanta Das on Friday said India's continued engagement with the Unified Payments Interface (UPI), particularly during and after the Covid-19 pandemic, shows that digital public infrastructure can play a vital role as a global public asset when extended beyond national borders.

- ANJALI KUMARI

"India's experience has shown how digital public infrastructure can be utilised for advancing financial inclusion and productivity gains through cost reductions," Das said while speaking at the G20 Finance Track National Event. Introduced in 2016, UPI has become the most popular payment mode in the country with transactions in July clocking close to 10 billion, worth ₹ 15.34 trillion.

Das emphasised that the involvement of the private sector is essential in both contributing to the creation and funding of global public assets like the UPI. He said this engagement is crucial not only due to the role these entities play in fostering a conducive environment for business growth but also because it presents a commercially viable opportunity.