\'Offer to share UPI platform a goodwill gesture\'

HYDERABAD: An important three-day meeting of G20 that will focus on knowledge and experience sharing for emerging economies of the global south will begin in the city on Saturday, with India set to reaffirm its commitment to share its experience, knowledge, and expertise on the country’s United Payments Interface architecture. He said the robustness of the Indian UPI system meant that 40 per cent of all global digital financial transactions now take place in the country. “The IMF had said that $37 billion were transferred directly to beneficiaries during the Covid pandemic in the country, proving the UPI system’s ability to deliver quickly and without associated costs,” Shringla said. The meet is expected take forward the discussions on digital financial inclusion, SME finance and development of Financial Inclusion Action Plan 2023 that will guide the financial inclusion work for 2024-26, Chanchal C. Sarkar, economic adviser for the finance ministry, said. One important aspect that India is seeking to address through the G20 meeting in the city is the long-term goal of cost cutting in financial transactions, especially among countries that form the global south, and low-income group nations, Shringla said.