Prime Narendra Modi Hope For Digital Transactions To Soon Overtake Cash

The country's most popular payment method, the Unified Payments Interface (UPI), is rapidly growing in popularity, and Prime Minister Narendra Modi voiced hope on Tuesday that digital transactions will soon overtake cash. With the opening of the cross-border connectivity between the UPI and PayNow of Singapore, Modi stated that in 2022, UPI will be used in 74 billion transactions worth more than Rs 126 trillion, or almost 2 trillion Singapore dolla.

He claimed that many experts believe digital wallet transactions in India will soon surpass cash transactions. He continued by saying that a significant number of UPI transactions show how safe this locally developed payment system is.

Modi and Lee Hsien Loong, the prime minister of Singapore, attended the video conference that marked the beginning of cross-border connectivity between the UPI and PayNow of Singapore.

Shaktikanta Das, governor of the Reserve Bank of India, and Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), carried out the initial transaction. The integration of these two payment systems would make it possible for citizens of both nations to send money across borders more quickly and affordably.

Instantaneous and inexpensive money transfers from Singapore to India and vice versa will also benefit the Indian diaspora in Singapore, particularly migrant workers and students.