Prime Minister Narendra Modi on Friday said that tools like 'UPI' and 'RuPay' provide an unparalleled opportunity for every country and India has proved to the world that it is second to none when it comes to adopting technology or innovating around it.
Talking about UPI and RuPay PM Modi said: "An opportunity to provide a low cost and reliable 'real time payment system' as well as a 'domestic card scheme' and 'fund remittance system'."
The Prime Minister made these remarks while addressing the InFinity Forum organised by Bloomberg and IFSCA that was being held in virtual mode. He also said that India's digital public infrastructure solutions can improve the lives of citizens around the world.
"We believe in sharing our experiences and expertise with the world and learning from them as well," he added.
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Citing the successes achieved with 'Jan Dhan' Accounts, 'Rupay', 'FastTag', and other such initiatives taken by the Centre, PM Modi also mentioned that last year in India, the mobile payments had exceeded the ATM cash withdrawals for the first time.
"Transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance," PM said.
The Prime Minister said that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.
Besides, he said the time has come to convert these "FinTech initiatives into a FinTech revolution".
"A revolution that helps to achieve financial empowerment of every single citizen of the country."
Furthermore, he emphasised on FinTech security.
"Common Indian has shown immense trust in our FinTech ecosystem by embracing digital payments and such technologies," he said.
"This trust is a responsibility. Trust means that you need to ensure that the interests of the people are secured."
In addition, PM Modi said that finance combined with technology would be an important part of India's future development.
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"Our aim is to provide the best international financial services not just for Indians, but for the world," he added.
