The UPI system also has the potential to unfold into a cheaper and faster alternative to available means for multilateral cross-border payments as well. It would be appropriate to mention that our RTGS also has multi-currency capabilities and with 24x7 operations now, there is a scope to explore whether its foot-prints could be expanded beyond India.
With the Reserve Bank at the forefront of nurturing innovation, the day is not far, when we will experience cheaper, faster and safer cross border remittances. Also, the indigenous Rupay card network has shown astounding growth across strata and has a significant market share. With Rupay having international presence, our home-grown card network could make a mark in the global financial landscape, going forward.