Digital transactions in the country will soon surpass cash transactions -

New Delhi/Singapore: ‘Digital transactions in India will surpass cash transactions. It is because the people have come to trust the country’s ‘Unified Payments Interface-UPI’, and the UPI is now being widely used. In 2022, 74 billion transactions were made through UPI amounting to as much as 126 trillion rupees,’ Prime Minister Narendra Modi informed.

India’s UPI and Singapore’s Pay Now have collaborated for cross-border transactions. Due to this, citizens of both countries can transact with each other through ‘UPI-Pay Now’. Thus, Singapore has become the first country to collaborate with India for ‘Person to Person-P2P’ digital transactions. The first transaction in ‘UPI-Pay Now’ was completed in the virtual presence of Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong. In 2018, when Prime Minister Narendra Modi was visiting Singapore, the discussion on the proposal of the ‘UPI-Pay Now’ collaboration was initiated.

It was informed by the Prime Minister of Singapore. ‘After that, the central banks of both countries discussed this. In September last year, the necessary matters in this regard were settled. After this, cooperation in digital transactions has now been established in both countries. Indians working in Singapore will benefit greatly from it. The transactions of purchase of people in both countries and the amount sent home by Indians in Singapore is equal to one billion dollars per year. These transactions would now become easier,’ Singaporean Prime Minister Lee Hsien Loong said as he expressed contentment over it.

Thus, Singapore has become the first country to cooperate with India in P2P transactions. While welcoming this, Prime Minister Narendra Modi explained that the scope of digital transactions in India is increasing tremendously. At this time, the Prime Minister pointed out that if digital transactions in India continue to grow like this, digital transactions will overtake cash transactions soon. Along with this, the Prime Minister claimed that the people have faith in the ‘Unified Payments Interface-UPI’ developed in the country, and this trust has boosted digital transactions.

Also, due to India’s cooperation with Singapore, Prime Minister Modi expressed his satisfaction by saying that the Indian employees and students working in Singapore have been provided with a cost-effective means for cross-border transactions. Meanwhile, UPI, which came in 2016, got a tremendous response in the country. In the last six years, UPI has been approved by Singapore, UAE, Oman, Saudi Arabia, Malaysia, France, Belgium, the Netherlands, Luxembourg and Switzerland. It is said that some more countries will accept UPI in the future. During the outbreak of Corona, there was a double increase in the transactions in UPI. The scope of UPI is increasing in a big way as other countries are accepting it.

An economically strong country like Singapore has opened the way for ‘P2P’ transactions by cooperating with ‘UPI-Pay Now’. There is a strong possibility that other countries will follow suit. It can be of great benefit to the country’s economy.

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