Daijiworld Media Network - New Delhi
New Delhi, Oct 18: India’s sweeping success in digital payments — with over 85% of transactions now routed through the Unified Payments Interface (UPI) — stands as a global example of inclusive, secure, and scalable digital public infrastructure, said Reserve Bank Governor Sanjay Malhotra during a high-level dialogue in Washington, DC.
Speaking at the event titled “Forging Economic Resilience through Digital Public Platforms” on the sidelines of the World Bank and IMF Annual Meetings, Malhotra highlighted how India’s digital public platforms (DPPs) have become a powerful force for financial inclusion and innovation.
He outlined how foundational systems like Aadhaar for digital identity and UPI for real-time payments have enabled the country to deliver public services at scale, efficiently and affordably. UPI alone processes nearly 20 billion transactions monthly, translating to over USD 280 billion in value.
“This transformation has allowed even the smallest vendors and micro-enterprises to accept digital payments and build financial histories, unlocking access to low-cost formal credit,” Malhotra said.
Emphasising India's commitment to global cooperation, the Governor noted that the country’s approach — building public platforms as public goods with no profit motive — aligns with the principle of Vasudhaiva Kutumbakam ("the world is one family"). He reiterated India’s intent to share its knowledge and technology to accelerate global digital transformation.
Malhotra also spotlighted India’s development of the Modular Open-Source Identity Platform (MOSIP), a secure and free tool for countries to build their own digital ID systems. Already, 27 nations are adopting or evaluating MOSIP to enhance service delivery for their citizens.
According to Malhotra, DPPs aren’t just about technology — they’re a vision for inclusive progress. With India’s model now being studied worldwide, its digital journey offers both inspiration and a blueprint for emerging economies looking to leapfrog into the digital age.