India Makes 85 Percent of Digital Payments through UPI: Malhotra
Sanjay Malhotra, Governor of the Reserve Bank of India (RBI), has underscored India's dedication to global collaboration in digital infrastructure as a fundamental element for fostering inclusive economic development.
Speaking at the high-level discussion on building economic resilience through digital public platforms (DPPs) held in Washington, D.C., Malhotra stressed that DPPs and open, interoperable systems constructed using modular digital components serve not merely as domestic resources, but as worldwide public assets.
Approximately 85 percent of India's digital payment transactions occur via UPI, positioning the nation as an exemplary model for inclusive, secure, and scalable DPPs, according to Malhotra.
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India's cooperative initiatives encompass digital identity and payment systems. The modular open-source identity platform (MOSIP), created by India, is currently being implemented or evaluated by 27 nations for establishing secure, expandable national identification systems. Malhotra characterized MOSIP as a complimentary, adaptable solution that allows governments to provide essential services in a direct and efficient manner.
Regarding digital payments, India is pursuing three strategic methods for international collaboration. Initially, it connects UPI with rapid payment networks of other countries, exemplified by the active UPI-PayNow partnership with Singapore.
Additionally, it facilitates international merchant transactions through UPI QR codes, which are currently functioning in certain nations. Finally, India assists partner countries in implementing UPI-similar sovereign payment infrastructure or enhancing current systems utilizing UPI's technological framework.
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“These efforts will promote cross-border trade and payments, improve customer experience, and reduce costs,” said Malhotra, who is positioning India’s digital infrastructure as a catalyst for global financial inclusion and resilience.
The governor's statements emphasize India's twofold function as both an implementer of comprehensive digital change and an active partner in developing the worldwide digital public infrastructure environment.
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The Governor also shared with attendees that India has created the Modular Open-Source Identity Platform (MOSIP) for digital identification purposes. This complimentary, protected, and expandable system enables other nations to establish their own national digital identification frameworks. According to Malhotra, up to 27 nations are currently implementing or evaluating MOSIP-based solutions to provide vital services rapidly, efficiently, and smoothly to their populations.