According to Reserve Bank Governor Sanjay Malhotra, UPI accounts for almost 85% of digital financial transactions in India, making the nation a model for accessible, safe, and scalable Digital Public Platforms (DPPs).
During the World Bank and International Monetary Fund Annual Meetings in Washington, DC, on Tuesday, he was speaking at a "High-Level Dialogue on Forging Economic Resilience through Digital Public Platforms" hosted by the RBI.
DPPs are now a potent engine for innovation and inclusive growth.
According to the RBI Governor, key platforms for digital identity (Aadhaar) and real-time payments (Unified Payments Interface, or UPI) have effectively shown how to create robust, economical public service delivery systems at scale.
Speaking to the attendees, Governor Malhotra provided a succinct summary of the DPP ecosystem in India and its function in financial inclusion and digitisation, particularly in relation to government transfer payments.
He highlighted that India is totally dedicated to international cooperation around such platforms in order to expedite digital transformation, in keeping with the genuine spirit of "Vasudhaiva Kutumbakam."
He added that India is a case study for inclusive, safe, and scalable DPPs. "For us, the guiding principle has been to build such platforms in the public sector as a public good with appropriate guardrails, and without a profit motive," he said.
These platforms can then be used by public and private sector organisations to swiftly create applications in a variety of fields, including credit, health, social protection, and agriculture.
Speaking to the attendees, Governor Malhotra provided a succinct summary of the DPP ecosystem in India and its function in financial inclusion and digitisation, particularly in relation to government transfer payments.
He highlighted that India is totally dedicated to international cooperation around such platforms in order to expedite digital transformation, in keeping with the genuine spirit of "Vasudhaiva Kutumbakam."
He added that India is a case study for inclusive, safe, and scalable DPPs. "For us, the guiding principle has been to build such platforms in the public sector as a public good with appropriate guardrails, and without a profit motive," he said.
These platforms can then be used by public and private sector organisations to swiftly create applications in a variety of fields, including credit, health, social protection, and agriculture.