Commonwealth Secretary-General Patricia Scotland welcomed India’s offer to share its path-breaking Unified Payments Interface (UPI) technology with other member countries, hailing the move as “potentially transformational.”
UPI is an instant real-time payment system which facilitates inter-bank peer-to-peer (P2P) transactions. The transaction is done through mobile in easy steps. Besides, there are no charges applicable for the UPI transaction so far. Moreover, it has played a key role in the country making a transition to a cashless economy. The inexpensive medium for cashless transactions has been gaining traction on a month-on-month basis.
According to information provided by the National Payments Corporation of India, payments made through UPI reached a significant milestone of Rs 11 lakh crore in September.
India presented a proposal during the October 12 Commonwealth Bank of Governors meeting. This kindness is greatly appreciated," Scotland said in an interview with PTI.
She remarked that one of India's unique characteristics compared to other nations is its desire to share its technologies with others.
"We certainly believe that India is a really promising country. The willingness of India to share that technology is the biggest plus, though. The Indian bank has expressed their willingness to share the UPI technology with other member states during our government bank governance meeting. You are aware that developing (something) is very expensive.
This generosity and transparency are greatly appreciated, said the 56-nation group's secretary general.
But several of those member states now have hope because to India's inventiveness. Because India not only invented these novel methods but was also eager to impart them to others for the sake of society. This has the ability to change everything. India has been eager to share some of these innovations that other nations are now clamouring for since India has seen and tested them. It is a bright point, then," she said.
In Mauritius, the Commonwealth's law ministers will gather.
One of the opportunities, she said, is how to alter the justice system and better utilise digitisation in all of our countries. This is in addition to discussing digital trade.
She noted that the Commonwealth's member countries are eager to implement the electronic payment system.
"Because India has now lifted millions of its citizens out of poverty. Women have profited greatly from this because you can get immediate results by giving them these direct payments, which puts money in their hands. They receive the money directly, rather than having it transferred to someone else, she continued.
