Commonwealth Secretary General Patricia Scotland has welcomed India’s offer to share its Unified Payments Interface (UPI) technology with other Commonwealth nations, calling it a “potentially transformational” move.
UPI is an inter-bank peer-to-peer (P2P) transactions facilitating instant real-time payment system. The transaction is done easily through mobile phones. Besides, there are no charges applicable for UPI transactions. UPI has played an important role in the country making a transition to a cashless economy.
As per data released by National Payments Corporation of India, payment through UPI has crossed a milestone of Rs. 11 lakh crore in September.
“We do think that India is a very bright spot. But the brightest spot is the willingness that India has to share that technology. The Indian Bank has indicated in our government bank conference meeting, that they are willing to share the technology for this UPI with other member states. You know that (this) costs a lot of money to develop. This openness and generosity is very welcome”, said Patricia Scotland.