India to Showcase Digital Payment Prowess to G20 Delegates

Time Stamp: September 8, 2023 6:12 AM
Source Node: 2869764

India, as it prepares to host the G20 Summit in New Delhi on September 9-10, is set to exhibit its digital acumen and ‘Digital India’ initiative on a global stage. Seizing this opportunity, the Indian government has unveiled an innovative plan to provide visiting foreign delegates with hands-on experience in utilizing the Unified Payments Interface (UPI) wallet technology, showcasing the efficiency of this indigenous payment solution, ANI reported citing official sources.

A government official revealed to ANI that approximately 1,000 foreign delegates will have the privilege of immersing themselves in UPI wallet technology and discovering the seamless payment capabilities it offers. Each delegate will receive a nominal amount, ranging from Rs 500 to Rs 1,000, in their UPI wallets, enabling them to conduct UPI transactions during their stay.

The government has reportedly allocated an estimated Rs 10 lakhs to execute this visionary initiative, with the aim of spotlighting the user-friendly and accessible nature of UPI payment technology.

The Unified Payments Interface (UPI) is India’s mobile-centric, high-speed payment system, granting users the power to execute instantaneous transactions around the clock, facilitated by a Virtual Payment Address (VPA) created by the user. UPI has achieved remarkable popularity for retail digital payments in India, experiencing a meteoric rise in adoption.

India has rapidly emerged as one of the world’s foremost hubs for fintech innovation, with the government and the central bank playing pivotal roles in globalizing the nation’s digital payment infrastructure. A central objective for the Indian government has been to ensure that the advantages of UPI extend beyond its borders, benefiting other nations as well.

Notably, India has previously collaborated with countries including Sri Lanka, France, UAE, and Singapore to jointly develop emerging fintech and payment solutions.

Earlier this year, the Reserve Bank of India (RBI) extended Unified Payments Interface-based payments to in-bound travelers from G20 nations, allowing them to seamlessly make local payments while visiting India. This facility was rolled out in April.

In a bid to enhance the G20 delegate experience and streamline interactions, the government launched the ‘G20 India’ mobile app today. This application, featuring language options representing all member countries, empowers delegates with easy access to UPI services and navigation aids during the summit, guaranteeing a frictionless and efficient experience.

India’s G20 presidency, which commenced on December 1 last year, has witnessed the organization of around 200 G20-related meetings across 60 cities in the country. With the G20 Summit on the horizon, India is primed to showcase its technological prowess and commitment to advancing digital payments on the global stage, setting a precedent for digital financial solutions worldwide.

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