Page 43 - Mann Ki Baat April 2022

powers multiple bank accounts into a cashless and contactless instrument
single mobile application. for digital payment where a QR code
or SMS string-based e-voucher is
The Prime Minister closely monitored
delivered to the mobile phones of
UPI’s development, and also christened
intended beneficiaries of schemes.
it BHIM (Bharat Interface for Money)—a
e-RUPI connects the sponsors of the
fitting tribute to Bhimrao Ambedkar,
services with the beneficiaries and
whose work was instrumental in the
service providers in a digital manner,
establishment of the RBI, and the
without any physical interface. Being
concept of Finance Commission to
pre-paid in nature, it assures timely
distribute wealth between the Union
payments to the service provider
and State governments.
without the involvement of any
On 30th December 2016, when he intermediary.
launched the BHIM-UPI platform, the
The e-RUPI is
Prime Minister said, “…BHIM will be the
expected to be
biggest wonder of the world.”
a revolutionary
Fast forward to April 2022: BHIM- initiative in the direction of ensuring a
UPI has 316 banks on the platform. leak-proof delivery of welfare services.
It processed 5.5 billion transactions It can also be used for delivering
worth 9.8 lakh crores proving that the services under schemes meant for
Prime Minister’s words were prescient. providing drugs and nutritional support
Leading technology firms including under ‘Mother and Child’ welfare
Alphabet, Meta, Amazon and Walmart schemes, TB eradication programmes,
have built products/apps that harness and diagnostics under schemes like
the BHIM-UPI infrastructure. UPI, as Ayushman Bharat, PM Jan Arogya
a digital payment ecosystem, has Yojana, etc. Even the private sector
also gone on to command global can leverage these digital vouchers
attention. Google recommended as part of their employee welfare and
that the US Federal Reserve develop CSR programmes.
a similar payments ecosystem for
These platforms are best understood
digital payments.
as components of the ‘India Stack’
The adoption and scaling of UPI which is the moniker for a set of digital
has been possible because of the public goods that aim to unlock
Government’s commitment to digitize the economic primitives of identity,
money-flows in India. In processing data, and payments at population
the billions of transactions that UPI
scale. India Stack is not limited to
does, it creates trails which can be
one country; it can be applied to
leveraged for other financial services.
any nation. Having said that, this
For example, lending – a feature that
project was conceptualized and first
several players in the financial services
implemented in India, where its rapid
ecosystem are already working on.
adoption by billions of individuals
On 2nd August 2021, Prime Minister and businesses has helped promote
Modi launched e-RUPI, a person-to- financial and social inclusion and
purpose specific digital payment positioned the country well in the
solution. It is best understood as a Internet Age.
40