A new engagement group called Startup20 has been created as part of the G20 India Presidency to support startups, according to an official statement from Startup20 PRO.
The expansion of digital payments has significantly altered India’s payment system in recent years.
The Unified Payments Interface (UPI) and the Digital India initiative are just two of the steps the Indian government has taken to promote digital payments.
These changes have had a sizable impact, leading to an increase in digital transactions and financial inclusion, particularly in rural areas. The popularity of digital payments has also decreased the need for cash and reduced corruption.
Overall, the development of India’s payment system has had a positive impact on the country’s economy and paved the way for further digital transformation.
Amitabh Kant, the former CEO of Niti Aayog, is a prominent Indian bureaucrat and the head of India’s premier policy think tank.
He has served in various senior positions in the Indian government, including as the Secretary of the Department of Industrial Policy and Promotion (DIPP).
During his tenure, he was instrumental in implementing key initiatives such as the “Make in India” campaign, which aimed to encourage foreign investment and the development of manufacturing industries in India. He is widely recognized for his work in driving economic growth and promoting entrepreneurship in India.
Amitabh Kant, the G20 sherpa for India, praised the efforts made by the central government to make it possible for people to open bank accounts using the biometric system in just a few minutes while speaking at the opening session of the G20’s first inception meet on Saturday in Hyderabad.
He added that over the past four years, our nation has been able to process payments more quickly than the US, Europe, and China.
With the introduction of the Unified Payments Interface (UPI), which made real-time interbank money transfers possible, our nation has made significant strides in the development of its digital payment infrastructure.
UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI), which facilitates interbank transactions by instantly transferring funds between two bank accounts on the mobile platform.
It eliminates the need for customers to provide bank details, an IFSC code, or other account information for every transaction.
UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of physically writing checks or demand drafts.
People in India now have easier access to digital payments, especially in rural areas, thanks to UPI’s speed and convenience. To say that India processes payments more quickly than the US, Europe, or China is not entirely accurate.
Each of these regions has a well-developed payment infrastructure, and each has its strengths and weaknesses. A comparison of the processing speeds across different countries would depend on several factors, such as the type of payment, the size of the transaction, and the specific payment infrastructure in place.
“In our nation, opening a bank account used to take 8–9 months, but biometric technology now makes it possible to do so in under a minute.”
According to G20 Sherpa Amitabh Kant, we have processed payments more quickly than the US, Europe, and China over the past four years, according to the news agency ANI.
Speaking at a press conference on Friday, Kant said that India’s G20 presidency will be resolute, inclusive, and goal-oriented.
He also emphasized the importance of the G20, pointing out that it accounts for 85% of global GDP, 78% of global trade, and two-thirds of the world’s population.
According to a statement from Startup20 PRO, a brand-new engagement group called Startup20 has been established as part of the G20 India Presidency to create a global narrative for assisting startups and facilitating synergies between startups, businesses, investors, innovation agencies, and other significant ecosystem stakeholders.
According to ANI, the Startup 20 activities consist of five events.
Hyderabad is hosting Startup20’s two-day Inception Meet now through January 29. In July 2023, Gurugram will host the summit event, with three other events planned for different parts of the country in the interim.
According to the news source, the participating nations include the G20 countries and nine foreign observers.
According to a press release from Startup20, around 80 delegates are expected to attend the event. It is anticipated that about 100 Indian delegates, including incubators, startups, investors, and business partners, will attend.
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