held in New Delhi under the chairmanship of the G20 session In this, Gates talked about Aadhaar, used for digital identity in India, the country’s payment infrastructure and efforts to bring a large number of people into the banking system. He said, “India started digital public infrastructure, especially with the identity system. Along with this, financial access and payments have been linked in a reliable way. It is being used in many sectors.” He told that Corona has shown the importance of digital payment system for payment in emergency around the world.
Gates said, “No other country has created such a big platform. India was at the forefront of providing relief during the pandemic with identity as the basis. India can become an example for other countries. I would like to especially develop All countries, including countries, should implement these systems.” Gates also praised India’s competitive private market, reliable and low-cost connectivity. He said that India would be the cheapest 5G market. According to Gates, “India has a very good digital network and a large number of people using smartphones. You have started transactions with feature phones as well.”
Last month, India and Singapore linked the Unified Payments Interface (UPI) network to Singapore’s PayNow. With this, people in both countries will be able to transfer funds through their mobile apps in a fast, convenient and low cost. upi Payments reached a record level of Rs 12.82 lakh crore in December last year. About 782 crore transactions took place on this platform in December. UPI is a real-time payment system through which transactions can be done from one bank to another. These transactions happen through mobile. No charge has to be paid for this. This means of payment is continuously increasing and 381 banks are involved in it. UPI is also helping a lot in furthering financial inclusion.
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