Reserve Bank of India (RBI) Governor Shaktikanta Das expressed optimism about the future growth and global expansion of the Unified Payments Interface (UPI) during a recent press conference. Das, who is currently on a five-day state visit, highlighted ongoing discussions with several countries to expand the reach of UPI through QR codes and linkages with fast payment systems.
“We hope this will grow further globally and become international in the future,” Das said on Friday.
Earlier in the week, speaking at an event in BombayDas noted that significant progress has already been made in promoting UPI and RuPay Cards At the international level, he highlighted that countries such as Bhutan, Nepal, Sri Lanka, Singapore, United Arab Emirates, Mauritius, Namibia, Peru and France have already started accepting payments through the UPI network and RuPay cards.
Das stressed that these developments reflect collaborative efforts aimed at global adoption of India’s digital payment initiatives.
On August 26, the Reserve Bank of India (Reserve Bank of India) Governor Shaktikanta Das revealed plans to launch the ‘Unified Lending Interface’ (ULI) technology platform across India. Initially introduced as a pilot project last year, the platform is aimed at providing “frictionless credit” on a national scale.
Speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, Das highlighted the transformative potential of ULI, comparing its impact to that of the Unified Payments Interface (UPI) in the payments sector. “Just like UPI transformed the payments ecosystem, we expect ULI to play a similar role in transforming the credit space in India. The ‘new trinity’ of JAM-UPI-ULI will be a game-changing development in India’s digital infrastructure journey,” he said, as reported by ANI.
The ULI platform is designed to simplify the credit assessment process, especially for small and rural borrowers. It facilitates the seamless, consent-based exchange of digital information, such as land records from various states, between data service providers and lenders, significantly speeding up credit approvals.
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