In a statement at the Brookings Institute think-tank, the Union Finance Minister of India, Nirmala Sitharaman said that India is talking to different countries to make the RuPay payment system acceptable in their nations. She further stated that Singapore and the United Arab Emirates have shown keenness to accept RuPay in their countries.
What is RuPay Payment System?
A product of the National Payments Corporation of India (NPCI), RuPay is our indigenous payment network that was initiated by the Reserve Bank of India(RBI) in 2012 and further dedicated to the nation in 2014. It is India’s own initiative for card payments to compete with international payment networks.
It is in line with the vision of RBI to create a less-cash economy. It offers debit, credit, prepaid, and Kisan credit cards. It also offers a contactless card for transactions, that will make payments without revealing crucial card details.
Benefits Offered
In India, with the introduction of RuPay cards, banks are free from paying any network registration fees as they used to for American multinational services MasterCard and Visa registration. It is accepted at all ATMs, POS machines, and e-commerce platforms across the country.
If the Indian payment systems are accepted internationally, their inter-operability will give strength to Indian expertise in foreign countries, as Sitharaman was quoted saying, “Not just that, the UPI (United Payments Corporation of India), the BHIM app, and NPCI are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system.”
Global Progress of the Indian Economy
India continues to be the fastest-growing economy in the world. In the recently released IMF Growth forecast for the year 2023, India remains on the right track as stated by the IMF Director of the Asia and Pacific department, Krishna Srinivasan, “India is doing better and is in a relative bright spot compared to the other countries in the region,”
“India is ready to do whatever it can to facilitate dialogue, discussions, and decisions on these critical issues,” observed Nirmala Sitharaman in line with India’s commitment to multilateralism.
