Customers may make round-the-clock payments instantaneously using a Virtual Payment Address (VPA) they generate utilizing the Unified Payments Interface (UPI), a mobile-based rapid payment system in India.
In India, the system has seen substantial acceptance for retail digital payments, and it is expanding quickly. The Indian government and central bank have made significant contributions to the internationalization of India’s digital payment infrastructure, guaranteeing that other nations may also profit from UPI.
During its G20 Presidency, the federal government is prepared to introduce the world to its “Digital India” project and digital public goods. To demonstrate the ease of using this native payment system, it has chosen to give 1,000 visiting international delegates an interactive experience using UPI (Unified Payments Interface) wallet technology.
“Foreign delegates or participants will be given Rs 500-1,000 in their UPI wallets for doing UPI transactions,” a government official told news agency ANI, adding it has earmarked around Rs 10 lakhs for it.
India has cooperated with Sri Lanka, France, the United Arab Emirates, and Singapore on fintech and payment solutions. For visitors from G20 countries to make local payments while they are in India, the Reserve Bank of India implemented UPI-based payments earlier this year.
The newly constructed Bharat Mandapam international conference and exposition hall at Pragati Maidan will host the G20 Leaders’ Summit from September 9 to 10. On December 1 of the previous year, India took over as G20 president.
The G20 dinner location will not be furnished with any official automobiles, Prime Minister Narendra Modi informed the Council of Ministers on Wednesday. According to India Today, he informed the ministers that they would need to drive themselves to the Parliament Complex, from which point a shuttle would transport them to the dinner location, Bharat Mandapam.
Additionally, PM Modi has ordered the Council of Ministers to become familiar with the cultures of the many foreign delegates they would be attending.
