INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments
Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country.PM Modi, after the launch of the cross-border
connectivity between the UPI and PayNow of Singapore, said about 74 billion transactions amounting to more than Rs 126 trillion, which is
approximately 2 trillion Singapore dolla, was done through UPI in 2022."Many experts are estimating that very soon India's digital wallet
transactions are going to overtake cash transactions," he said.A large number of transactions via UPI demonstrate that this indigenously
designed payment system is very secure, he said.PM Modi, along with his Singaporean counterpart Lee Hsien Loong, witnessed the launch of
cross-border connectivity between the UPI and PayNow of Singapore via video conferencing.The first transaction was done by Reserve Bank of
India Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon.The linkage of these two payment
systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances.It will also help the
Indian diaspora in Singapore, especially migrant workers and students, through instantaneous and low-cost transfer of money from Singapore
to India and vice-versa.India has emerged as one of the fastest-growing ecosystems for fintech innovation.A key emphasis of the Prime
Minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well.
