Friday’s official statement revealed that Japan is considering adopting India’s UPI payment system and promoting cooperation on the digital identity system.
Bhutan, Nepal, Singapore, and the United Arab Emirates have begun to accept Unified Payment Interface (UPI) payment systems.
“Virtually every global forum, whether G20, SCO (Shanghai Cooperation Organisation), or G7, where we present the Digital India vision of the Honourable Prime Minister Modi, has excellent traction.
People recognize how Modi Ji democratized digital technology. I appreciate the digital minister of Japan. Ashwini Vaishnaw, minister of information technology and Telecommunications of India, stated, “He has accepted Prime Minister Modi’s vision for Digital India, which is both extensive and comprehensive.” Japanese Digital Minister Kono Taro stated in an interview with a media outlet earlier on Friday that Japan is considering joining India’s UPI system and is also working towards mutual recognition of digital identities.
“We just had our G7 Digital Ministers’ meeting last month, and Mr. Vaishnaw, the Indian Digital Minister, joined us. Japan and India are endeavoring to advance digital cooperation.”
“We are now seriously considering adopting the Indian UPI, the payments system, and we are also considering how we can mutually recognize e-ID – beginning with cooperation to increase interoperability,” Taro said.
In India, UPI, debit and credit cards, and prepaid payment instruments — Mobile and Prepaid cards — processed 87.92 billion transactions worth Rs. 149.5 trillion in 2022, according to a report published last month. According to Worldline’s India Digital Payments Annual Report, Person-to-Merchant (P2M) and Person-to-Person (P2P) are the most popular UPI payment modes with a market share of 40 percent and 44 percent in terms of transaction volume (UPI was 84 percent in total).
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