New Delhi: Around 85 per cent of digital payment transactions in India are conducted through UPI, making the country a global example of inclusive, secure, and scalable Digital Public Platforms (DPPs), RBI Governor Sanjay Malhotra said.
Speaking at a High-Level Dialogue on Forging Economic Resilience through Digital Public Platforms held alongside the World Bank and IMF Annual Meetings in Washington, DC, Malhotra said DPPs have become a powerful catalyst for inclusive growth and innovation.
He highlighted that foundational platforms such as Aadhaar (digital identity) and the UPI (real-time payments) have shown how to build resilient, cost-efficient public delivery systems at scale.
“For us, the guiding principle has been to build such platforms in the public sector as a public good, without a profit motive,” Malhotra said, adding that India’s DPP model promotes inclusion and transparency while enabling the private sector to innovate across credit, health, agriculture, and social protection.
Malhotra noted that UPI has revolutionised payments, allowing instant, real-time transfers across banks, and has become a key driver of financial inclusion. “About 20 billion UPI transactions occur every month, valued at over $280 billion,” he said, adding that small vendors and micro enterprises are benefiting by accepting digital payments and building financial histories that enable access to affordable formal credit.
Reaffirming India’s commitment to global digital cooperation, Malhotra said, “We believe the benefits of DPPs should be available to the entire world, in the spirit of Vasudhaiva Kutumbakam—‘the world is one family’.”
He also mentioned India’s Modular Open-Source Identity Platform (MOSIP) for digital identity, a free and scalable platform that helps nations create their own digital ID systems. So far, 27 countries are adopting or considering MOSIP-based systems to deliver essential services directly and efficiently to citizens.