Commonwealth Secretary General Praises India On UPI Technology With Member Countries

India has received praise for its decision to suggest payments through the Unified Payments Interface (UPI). India's intention to share its UPI technology with other Commonwealth members has been warmly received by Patricia Scotland, who has hailed the action as revolutionary. India actually proposed this at the meeting of the governors of the Commonwealth Bank on October 12.

UPI is an instant real-time payment system that facilitates inter-bank peer-to-peer transactions. No additional charges are applicable for payments made through mobile. Scotland said that this medium has played an important role in the transition to a cashless economy. According to data released by the National Payments Corporation of India, transactions worth Rs 11 lakh crore took place in the country in September using UPI. He said India's willingness to share its technology with others sets it apart from other countries.

He stated that there is a willingness to share this technology and that this is a wise step by India. Indian Bank has stated that they are prepared to share the UPI technology with other member states during our State Bank Governance meeting. This generosity and openness are greatly appreciated, according to the Secretary-General of the Group of 56 nations. He claimed that India had demonstrated to other nations how to use the UPI payment method. Not only has India created this technology, but it is also willing to share it with others for the benefit of the general population. India believes this has the ability to change the world and has a promising future.

He said Commonwealth member states are eager to adopt digital payment systems because of the fact that India has now lifted millions of its people out of poverty. By giving these direct payments in their hands you are able to achieve urgency, this has greatly benefited women. He said that because they don't transfer money to other people, they are getting it right here.