CAN INDIA'S UPI GO GLOBAL?

Along with the aim of cracking down on corruption and fake notes, prime minister Narendra Modi called on India to use this opportunity to become a cashless society, and urged young people to educate their families on how to use mobile banking and e-commerce. "Once this was established, anyone w...

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Bibliographic Details
Published in:The Banker 2023-11, p.15
Main Author: Long, Kimberley
Format: Article
Language:English
Subjects:
Bank accounts
Banking
Cost control
Cross border transactions
Financial inclusion
Foreign residents
Mobile commerce
Modi, Narendra
Payment systems
Prime ministers
Remittances
Smartphones
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Summary:Along with the aim of cracking down on corruption and fake notes, prime minister Narendra Modi called on India to use this opportunity to become a cashless society, and urged young people to educate their families on how to use mobile banking and e-commerce. "Once this was established, anyone with this ID was able to open a bank account," he adds. "Because of this, between 2013 and 2017, half of all new bank accounts globally were opened in India. [...]making transactions free not only encouraged users, but, according to a study by Cebr Economic Research, resulted in cost savings of $12.6bn and added $16.4bn to the Indian economy in 2021. UPI has a link with Singapore's PayNow to allow remittances, and memoranda of understanding (MOUs) with the Central Bank of Oman and Mashreq Bank's Neopay in the UAE to send money from the Gulf to India.
ISSN:0005-5395