Commonwealth Secretary General Patricia Scotland has welcomed India’s offer to share its breakthrough Unified Payments Interface (UPI) technology with other member countries, describing the move as “potentially transformative”. UPI is an instant, real-time payment system that facilitates peer-to-peer (P2P) interbank transactions. The transaction is done via mobile in simple steps. Apart from that, there are no charges for UPI transaction yet. Moreover, it played a key role in the country’s transition to a cashless economy.
The low-cost medium for cashless transactions is gaining momentum month-on-month. Payment through UPI crossed the 11 crore rupees milestone in September, according to data released by India’s National Payments Corporation. “India has made an offer at the Commonwealth Bank of Governors meeting on October 12. This generosity is very welcome,” Scotland told in an interview. India’s willingness to share its technology with others sets it apart from other countries, she noted.
“We think India is a very bright spot. But the brightest point is India’s willingness to share this technology. Bank of India has indicated in our cabinet meeting on bank governance that it is willing to share the technology for this UPI with other member states. You know this costs a lot of money to develop. This openness and generosity is very welcome,” said the Secretary General of the 56-nation group.
“However, India’s innovation has given hope to many of these member states. Because India not only developed these new techniques but was willing to share them with others as a public good. This was potentially transformative. Because India has seen and tested some of these developments that other countries are now thirsting for, and India is willing to share. So it’s a bright spot,” she noted.
Commonwealth law ministers to meet in Mauritius. “One of the opportunities we will be talking about is not just digital business, but how to transform the justice system and better take advantage of the benefits of digitization in all our countries,” she said. Commonwealth member states, she noted, are looking forward to adopting a digital payment system. Because now India has lifted millions of its people out of poverty. By putting these direct payments in their hands, you were able to get immediacy, women benefited tremendously from that. Because they don’t get money transferred to other people, they get it right here,” she added.
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