S Jaishankar says India's UPI transactions way more than US digital payments

Last week, the RBI proposed to allow users to deposit cash in cash deposit machines (CDMs) through the Unified Payments Interface (UPI).

Published on: Apr 11, 2024, 10:17:10 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

External affairs minister S Jaishankar on Wednesday highlighted India's growth in digital payments saying that the country is making Unified Payments Interface (UPI) transactions worth ₹120 crores in a month. He also drew a comparison to the United States, asserting that they make digital transactions only worth ₹40 crores in a year.

External affairs minister S Jaishankar (PTI)

“Today, we do cashless payments through UPI. We have transactions worth ₹120 crores in a month. While the US makes digital transactions worth ₹40 crores in a year. You should see how we have progressed in some areas and the world commends that,” Jaishankar said at an event in Rajasthan's Bikaner.

UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing, and merchant payments into one hood, according to an official government release. It was launched on April 11, 2016, by former governor of the Reserve Bank of India (RBI) Raghuram Rajan.

RBI proposes cash deposits in banks through UPI

Last week, the RBI proposed to allow users to deposit cash in cash deposit machines (CDMs) through the Unified Payments Interface (UPI). Announcing the current fiscal's first monetary policy outlook, RBI governor Shaktikanta Das said, “Deposit of cash through cash deposit machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from cardless cash withdrawal using UPI at the ATMs, it is now proposed to facilitate deposit of cash in CDMs using UPI.”

He added, “At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions.”

Das also proposed to make Central Bank Digital Currency (CBDC) accessible to broader sectors of customers by enabling non-bank payment system operators to offer CBDC wallets.

Meanwhile, India's UPI services have also been introduced in Sri Lanka, Mauritius, and Nepal.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Get the latest India News, breaking headlines and real-time updates from across the country. Stay informed about politics, government policies, crime, weather and major national developments.