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RBI Governor Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das expressed optimism about the future growth and global expansion of the Unified Payments Interface (UPI).Mr Das highlighted the ongoing discussions with several countries to extend UPI's reach through QR codes and fast payment system linkages.
"We expect this to grow further at the global level and internationalise in future," Mr Das stated on Friday.
Many countries welcome UPI payments
He noted that significant progress had already been made in promoting UPI and RuPay cards internationally. Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France have already begun accepting payments via the UPI network and RuPay cards.
Mr Das emphasised that these developments reflect the collaborative efforts aimed at the global adoption of India's digital payment initiatives.
On August 26, he unveiled plans to launch the ‘Unified Lending Interface’ (ULI) technology platform across India. Introduced as a pilot project last year, the platform is set to provide “frictionless credit” on a national scale.
Speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, Mr Das highlighted the transformative potential of ULI, comparing its impact to that of the Unified Payments Interface (UPI) in the payments sector. “Just like UPI transformed the payments ecosystem, we expect ULI will play a similar role in transforming the lending space in India. The ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India's digital infrastructure journey,” he said.
The ULI platform is designed to simplify the credit appraisal process, especially for small and rural borrowers. It would facilitate the seamless, consent-based exchange of digital information, such as land records from various States, between data service providers and lenders, significantly speeding up credit approvals.
(By arrangement with livemint.com)
