UPI best payments system in world, says RBI Governor Shaktikanta Das

Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday dismissed criticism from certain quarters that after the huge success of UPI, its creator NPCI has become a monopoly and asserted that there is more room for the payment app to grow and it can become the world leader in payments.

Unified Payments Interface or UPI, developed by National Payments Corporation of India (NPCI), has been a runaway success and is already operational in some countries, including Singapore and the UAE.

Its monthly volume in the country crossed the 100-billion mark many months ago. RBI is in discussion with more central banks in other countries.