The Parliament was told on Friday that India is now a global leader in digital payments, with the Unified Payments Interface (UPI) operational in more than eight nations, including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar.
Remittances are increasing, financial inclusion is being promoted, and India’s standing in the global fintech scene is being reinforced by UPI’s expanding worldwide adoption.
Additionally, Minister of State for Electronics and IT Jitin Prasada told the Rajya Sabha that the government has signed Memorandums of Understanding (MoUs) or agreements with 23 nations for the sharing or cooperation of India Stack/Digital Public Infrastructure (DPI), mainly for the replication and adoption of India’s digital governance platforms.
In line with India’s larger DPI diplomacy under the India Stack framework, these Memorandums of Understanding (MoUs) concentrate on collaboration in areas like digital identification, digital payments, data exchange, and service delivery platforms, the minister said.
MoUs for Digilocker have been signed with the Lao People’s Democratic Republic (LPDR), Cuba, Kenya, and the United Arab Emirates.
In addition, the government has taken action to spread the word about India’s Digital Public Infrastructure (DPI) success throughout the world.
India Stack Global promotes India’s DPI and helps friendly nations adopt it. 18 important digital platforms are accessible through the gateway.
“India has contributed the most DPI solutions to the Global DPI Repository, which was established during India’s G20 Presidency in 2023 and functions as a global knowledge platform,” the minister stated.
Aadhaar, UPI, CoWIN, API Setu, DigiLocker, Aarogya Setu, GeM, UMANG, DIKSHA, e-Sanjeevani, and PM GatiShakti are a few of the most important DPI and digital solutions.
According to current data from the National Payments Corporation of India (NPCI), the UPI saw a 28% increase in transaction volume (year-over-year) in January, reaching 21.70 billion, and a 21% increase in transaction value, reaching Rs 28.33 lakh crore.