G20 summit: There is a lot of global demand for UPI says Arvind Gupta, Co Founder, Digital India Foundation

UPI, G20, Arvind Gupta

Speaking of the global prospects of United Payments Interface (UPI) after the G20 summit, Arvind Gupta, Co-Founder of Digital India Foundation said  "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."

Gupta noted that the global demand for UPI is driven by the need to cut down on transaction charges. According to Gupta traders and businessmen in other countries end up shelling out of two percent of their profit margin on every transaction charges owing to which UPI will become hugely beneficial for them.

Also read: G20 summit: India-Middle East-Europe connectivity corridor announced

Noting that UPI has created a lot of buzz at the G20 summit, Gupta said "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."

Hailing India's success in reaching a consensus on G20 leaders' declaration, Gupta said "India has shown how multilateralism can work in a larger global public good atmosphere. Apart from being a people’s movement in India, the country has achieved many things that were difficult to achieve in a short span of 8-9 months."

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African Union's G20 membership

Speaking exclusively with Moneycontrol, Gupta highlighted India's role in ensuring that the African Union gets a permanent seat in G20 and noted that India has always believed that a continent with over 1.5 billion people cannot be left out of the development story.

According to Gupta, India and Africa share a strong business relationship that will only grow stronger with the African Union's membership. He emphasised that Indian companies and start-ups will now have an opportunity to build an eco-system in Africa like they did in India.

India's diplomatic success at G20

Gupta hailed India's diplomatic efforts and foreign policy outreach for getting a consensus on the G20 Leaders Declaration pertaining to the Ukraine war.

Noting that India is now looked at as a trusted partner by many nations, he said "Today, everybody looks at India as a trusted partner, trusted supplier of technology and trusted counsel on global issues. Nations without any voice have thanked India for their support. India achieved all this while maintaining its own development track."

Hailing how India has managed to maintain a diplomatic stance with China despite various issues, he said, "India has maintained a very statesmanlike stance of China despite all the differences in a multilateral forum like the G20. China understands the quad grouping and India-US hegemony are all strong statements."

Also read: G20 Summit: Jaishankar lauds China's role, says nothing to read into Xi's absence

G20 declaration

Earlier, PM Modi announced that Members of the G20 have reached a consensus on a joint statement. He said "I have received good news. Due to the hard work of our team, consensus has been built on New Delhi G20 Leaders' Summit Declaration."