Recently, American business magnate Bill Gates has appreciated India’s digital payments and financial innovation policies at the Singapore Fintech Festival. The billionaire said that the country has developed a revolutionary platform for digital payments, including a system for sending rupees between any bank or smartphone app. Such advancements in financial innovations have drastically lessened the cost and friction of distributing aid to the poor, especially during the COVID-19 pandemic.
Based on India’s policies, Microsoft co-founder is presently working with numerous nations to introduce open-source technologies. He stated that India is a substantial example and his company, the Bill & Melinda Gates Foundation is supporting a few nations that haven’t introduced systems based on open-source technologies, as per Bloomberg report.
While addressing Singapore Fintech Festival, he further added that other than China, if people are looking to study, then India can also be a viable option as the country’s innovation sphere is thriving. Digital things including digital finance, telemedicine and more are highly advanced. Even though the pandemic has been terrible, it has led to a great number of innovations.
India’s digital payment method was boosted in 2016 due to demonetization implemented by the government in a move to curb corruption. The Unified Payments Interface (UPI) is assisted by thriving smartphone use and cheap wireless data prices. India has also mandated that companies using its UPI platform should have zero user fees.
As per National Payments Corporation of India (NPCI) data, the transaction of Rs 1,65,654.71 crore took place on Google Pay in the month of October, whereas transaction of Rs 1,68,085.06 crore happened on PhonePe.
Additionally, Facebook-owned WhatsApp also introduced its payment feature recently in the India and reported transactions worth Rs 9.32 crore in the October month.
Also, his foundation is working closely with global manufacturers, including the Serum Institute in India for developing COVID-19 vaccine and make sure there are sufficient dosage numbers at reasonable prices and rich nations should not decide the access of medicines.