Mumbai. The Indian government is pushing to make UPI a global payment system. Amidst all this, US Federal Reserve Governor Christopher Waller said on Wednesday that private American banks can join India's UPI system for faster payments.
He also said that crossborder payment interlinking is one of the main goals set in the G20.
Speaking at the 'Global Fintech Fest' in Mumbai, he said that the US does not have enough banks to make it a fullservice product, but we have some private banks that can connect to UPI. We will have to create a separate system for such integration.
Waller praised India's Digital Payments Infrastructure (DPI) and said that it has transformed the lives of crores of people and has taken financial services to the last person.
Waller further said that the technologybased revolution has helped in creating a 'technology stack' with publicprivate partnership in India. This has led to success in making financial services accessible to the last person in the society at a very low cost.
The US Fed will continue to work to increase the speed and improve the interlinking payment systems internationally.
He further added, “I expect new technical capabilities will be developed in the future to speed up crossborder transactions.”
UPI is being used for transactions across the country. About 60 lakh people are joining UPI every month. NPCI has set a target of one billion UPI transactions per day for the coming years.
To increase the transactions through UPI, the tax payment limit has recently been increased to Rs 5 lakh by the Reserve Bank of India.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.