Cyprus may be next to accept UPI payments
What's the story
Prime Minister Narendra Modi has announced that discussions are underway to include Cyprus in India's Unified Payments Interface (UPI) network.
The announcement was made during his address at the India-Cyprus CEO Forum in Limassol on Sunday.
PM Modi welcomed the potential collaboration, noting that several countries including France are already part of India's homegrown digital payment system.
Digital revolution
UPI symbol of India's digital transformation
Modi described UPI as a symbol of India's digital transformation and financial inclusion.
He said, "Today, 50% of the world's digital transactions take place in India through Unified Payments Interface i.e. UPI."
The integration of Cyprus into this system is expected to strengthen economic and technological ties between the two nations while improving cross-border financial connectivity.
Economic growth
PM highlights India's economic resilience and innovation-led growth
PM Modi also highlighted India's economic resilience and innovation-led growth.
He said the country has witnessed a digital revolution in the last decade, enabling inclusive financial services for millions.
Modi also emphasized India's emergence as a global innovation hub, saying "Our more than 1 lakh start-ups sell solutions, not just dreams."
The address marked a new chapter in India-Cyprus economic relations with digital cooperation and innovation taking center stage.