PM Modi offers to share India’s experience in digital payments with the world

Amid India’s pole position in leading growth in digital infrastructure, Prime Minister Narendra Modi today said that the country has created a “highly secure,” trusted, and efficient public digital infrastructure in its payments ecosystem in the past few years.

“Our digital payments ecosystem has been developed as a free public good,” Modi said while addressing the first meeting of Finance Ministers and Central Bank Governors under India’s G20 Presidency via video message. “Examples like UPI can be templates for many other countries too. We would be happy to share our experience with the world and the G20 can be a vehicle for this”, the Prime Minister added.

The meeting is taking place in Bengaluru.

Modi noted that the participants of today’s meeting represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties.

He also urged the member participants to explore and harness the power of technology while developing standards to regulate its possible risk of destabilization and misuse in digital finance.

For India the digital economy has been key driver of the country’s economy, contributing over 13 per cent to the GDP. Digital transactions have been steadily rising in India. In 2018, the total number was 14.59 billion while in 2020, the year that was marked by Covid restrictions, the number was 34 billion.

Highlighting that the progress on Sustainable Development Goals has been slowing down even though the world population has crossed 8 billion, Modi underlined the need to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels

Highlighting the growing dominance of technology in the world of finance, the Prime Minister pointed out how digital payments enabled contactless and seamless transactions during the pandemic.

“At a time of heightened uncertainties for the global economy, India’s strong performance remains a bright spot. So, it’s fitting that Group of 20 finance ministers and central bank governors will gather in Bengaluru this week, International Monetary Fund’s top boss Kristalina Georgieva said, adding that amid multiple challenges and rising geopolitical tensions, leadership is critical which has been “beautifully captured in the theme of India’s G20 presidency: One Earth, One Family, One Future.”

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