Digital public platforms should be accessible to entire world: RBI Guv Sanjay Malhotra

Reserve Bank of India (RBI) Governor Sanjay Malhotra Thursday said Digital Public Platforms (DPPs) should be accessible to the entire world. He also highlighted India's development of the Modular Open-Source Identity Platform (MOSIP) - an open-source digital identity framework. Speaking in Washington DC, Malhotra said the platform is free, secure, and scalable, enabling other countries to build their own national digital ID systems. "Twenty-seven countries are currently either adopting or considering MOSIP-based systems to deliver essential services quickly, directly and seamlessly to their citizens," Malhotra said. On collaboration for digital payments, RBI has adopted a three-pronged strategy, which includes linking the Unified Payments Interface (UPI) with fast payment systems of other nations to facilitate cross-border remittances. The UPI-PayNow linkage between India and Singapore is already operational, and work is underway with several other countries through both bilateral and multilateral arrangements. Another key initiative involves enabling cross-border person-to-merchantpayments via UPI, allowing QR code-based transactions at merchant locations across both offline and e-commerce platforms. Malhotra said such arrangements are already live in a few countries, with expansion efforts ongoing. Live Events Additionally, RBI is supporting partner nations in deploying UPI-like sovereign payment infrastructures or upgrading their existing systems using the UPI technology stack. "These initiatives will strengthen cross-border trade and payments, enhance efficiency, improve customer experience and reduce costs," Malhotra added. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. ...moreless (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. ...moreless