On digital payments, PM Modi says, ‘Today, in just thirty seconds, I can transfer money directly to the accounts of 100 million farmers. Today, I can send subsidy to 130 million cylinder users with just one click in 30 seconds.’
The Prime Minister spoke on the podcast Prime Minister Shri Narendra Modi x Nikhil Kamath with People. By WTF. (Image: Screen grab)
Unified Payment Interface (UPI) is a miracle for the whole world. When visitors come from all over the world, they ask how UPI works, Prime Minister Narendra Modi said during a podcast hosted by Zerodha co-founder Nikhil Kamath. PM Modi also said that India has set an example to the world on how technology is democratized in the fintech world.
In the podcast, titled ‘People with the Prime Minister Shri Narendra Modi x Nikhil Kamath, By WTF’, aired on Friday, the Prime Minister said that he has created a separate fund for innovation. Young people should take risks. They should feel that even if they fail, there is someone who will take care of them.
On digital payments, PM Modi said, “Today, in just 30 seconds, I can transfer money directly to the accounts of 100 million farmers. Today, I can send subsidy to 130 million cylinder users with just one click in 30 seconds. Why did the account come into being? Because the billions of rupees were being wasted. Now, look at the UPI One for It’s a miracle. When visitors from all over the world ask how UPI works, I tell them to meet any vendor.”
He also said that India has set an example to the world of how technology is democratized in the fintech world. Today, a young person can do wonders by having a mobile phone. And, the youth will remember, that there was once a government that fit the whole world in my pocket, in my mobile phone.
“This is a technology-dominant century,” the Prime Minister said.
He also said that the country has formed a commission for separate innovation. “I have created a separate fund for innovation. Young people should take risks.
They should feel that even if they fail, they will not starve. Someone will take care of it.”