Digital transactions to soon exceed cash payments: PM Modi

New Delhi, February 21

Prime Minister Narendra Modi on Tuesday said digital transactions in India will soon cross cash payments due to the increasing popularity of the Unified Payments Interface (UPI).

Speaking after the launch of the cross-border connectivity between the UPI and PayNow of Singapore, the Prime Minister said about 74 billion transactions amounting to over Rs 126 trillion was done through UPI in 2022. Many experts are estimating that very soon India’s digital wallet transactions will overtake cash transactions,” he said.

UPI-PAYNOW LINK

Advertisement

The linkage of UPI and PayNow is a new milestone in India-Singapore relations. This will help people of both the countries to do cross-border transactions through mobile phone in an affordable manner. Narendra Modi, Prime Minister

A large number of transactions via UPI demonstrate that this indigenously designed payment system is secure, he said. Modi along with his Singaporean counterpart Lee Hsien Loong had witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video-conferencing.

The first transaction was done by Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) managing director Ravi Menon.