Japan has decided to work with India to develop a payment system like the UPI (Unified Payments Interface), according to a statement by Ashwini Vaishnaw, India's Minister of Communications, Electronics, and Information Technology.
Earlier, experts told
CNBC-TV18 that India is expected to cross
10 billion UPI transactions in June. Further, UPI transactions are expected to reach a milestone of 1 billion transactions per day by 2026-27, as per a report by PwC India titled "The Indian Payments Handbook – 2022-27”.
Vaishnaw also expressed his enthusiasm for the telecom sector in the country, describing it as a "sunrise sector" that is now primarily focused on innovation and investment, free from the burden of litigation and legacy issues.
One of the key highlights of the minister's address was the impressive investment made by the telecom industry toward the
rollout of 5G technology. As per Vaishnaw's statement, the industry has already invested a staggering Rs 2.25 lakh crores for the implementation of 5G networks across the country.
India has emerged as a global hub for telecom technology, according to the minister. Vaishnaw proudly announced that India has become a prominent exporter of telecom technology to 12 countries, including the United States.
Furthermore, India's progress in adopting 5G technology has been remarkable, placing the nation among the top three 5G ecosystems in the world. Vaishnaw revealed that the deployment of 5G infrastructure is occurring at an impressive rate, with one tower being set up every minute.
The minister also added that the the Digital Personal Data Protection Bill along with the Telecom Bill is likely to be tabled during the session.
