Experts Anticipate that UPI Transactions will soon Exceed Cash Transactions: Narendra Modi

New Delhi ( India), 21st February 2023: Indian Prime Minister Narendra Modi on Tuesday launched a cross-border connectivity between Unified Payments Interface (UPI) and Singapore payment mechanism PayNow.

In the event Narendra Modi praised the indigenous online payment mechanism and said that about 74 billion transactions amounting to more than Rs 126 trillion took place through UPI IN 2022.

In a virtual launch Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong witnessed the launch between UPI and PayNow. According to Modi the launch will benefit business between the two countries ans also aid migrant workers and students living in Singapore.RBI Governor Shaktikanta Das corroborated the launch by exchanging tokens between the two payment systems.

Along with this Narendra Modi also praised and lauded the success of the Digital India programme. He said that people have shown immense reliance on the payment system and because of UPI making transactions and the ease of doing business has become effortless.

Adding to his point, the Prime Minister stated that,”Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” pointing out that the countless transactions that are taking place ensures that the payment system is secure.

Prime Minister Narendra Modi also thanked and congratulated the Singaporean Prime Minister on the successful launch of their collaboration that will build the relationship between the two countries.