Digital transactions will soon exceed cash in India: PM Modi

Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country.

Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dolla, was done through UPI in 2022.

“Many experts are estimating that very soon India’s digital wallet transactions are going to overtake cash transactions,” he said.

A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said.