Prime Minister Narendra Modi has expressed hope that digital transactions will soon surpass cash, as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country.
Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022.
“Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” he said.
#WATCH | “…The launch of the UPI-PayNow linkage (between India and Singapore) is a gift to the citizens of the two countries, which they were waiting for eagerly…Today’s launch has started a new chapter of cross-border Fintech connectivity..,” says PM Narendra Modi. pic.twitter.com/nMHFAkmDIu
— ANI (@ANI) February 21, 2023
PM Modi quoted by ANI said, Digital India program has made possible unprecedented reforms in governance and public service delivery. This is the strength of India’s digital infrastructure that during COVID, we were able to make direct transfers to the bank accounts of crores of people. In past few yrs, India has given highest priority to creating a conducive environment for innovation and modernisation. With our Digital India program, Ease of Doing Business has enhanced. With this, besides digital connectivity, financial inclusion has also received a thrust.