Synopsis of the Blog-
- Gupta explains that traders and businessmen from other countries incur a two percent reduction in their profit margins due to transaction charges, making UPI a highly advantageous solution for them.
- UPI is expected to provide significant benefits to traders and businessmen in other countries, as Gupta highlights that they currently lose two percent of their profit margins to transaction charges.
- During the G20 summit, UPI garnered significant attention and created a buzz among the participants.
Arvind Gupta, Co-Founder of Digital India Foundation, expressed his views on the global prospects of United Payments Interface (UPI) after the G20 summit. He emphasized that the demand for UPI is not limited to India alone, but the world as a whole is interested in adopting this technology. Gupta believes that India’s ability to innovate at such a large scale demonstrates its capacity for cutting-edge advancements.
In the words of Arvind Gupta, “It is not a question of whether India wants to give the UPI technology, the world wants it. This is where we have shown that we can do a cutting-edge innovation at this population scale.”
One of the driving factors behind the global demand for UPI is the desire to reduce transaction charges. Gupta highlighted that traders and businessmen from other countries currently incur significant costs, as they end up losing two percent of their profit margins to transaction charges. UPI offers a solution to this problem, making it highly beneficial for businesses operating internationally.
Gupta remarked, “The story is not just of technology, it is about digital empowerment that has gone to the last mile. I think India’s messaging and showcasing of its own prowess is a great outcome of the G20 summit.”
The significance of UPI extends beyond just technology, as it represents a pathway to digital empowerment, reaching even the most remote areas. India has been praised for effectively communicating its technological prowess and achievements on the global stage through the summit.
Gupta applauded India’s success in achieving a consensus on the G20 leaders’ declaration. He stated that India’s accomplishment showcases the effectiveness of multilateralism in promoting global public interests. Gupta further noted that within a relatively short span of 8-9 months, India has managed to accomplish numerous challenging tasks, making it a remarkable achievement for the country.
Consensus Reached on G20 Declaration: PM Modi Announces Success
In a recent announcement, Prime Minister Modi revealed that the G20 members have successfully reached a consensus on a joint statement. He expressed his satisfaction, stating, “I have received good news. Due to the hard work of our team, consensus has been built on New Delhi G20 Leaders’ Summit Declaration.”