World Should Learn From India’s Digital Payment Systems: IMF
The IMF has praised India’s digital payment systems including UPI, CBDC, IMPS as well as its highest growth rate among all the major economies in the world. The IMF praised India’s progress on digital payment systems including the Central Bank Digital Currency (CBDC) and Unified Payments Interface (UPI), saying other countries can learn from it. Kristalina Georgieva, the MD of the IMF, issued a warning, noting that “every new financial technology generally comes with risks.” The majority of IMF member nations are currently actively assessing CBDCs that potentially offer significant benefits, she continued. According to International Monetary Fund (IMF) Managing Director Kristalina Georgieva, India will alone account for 15% of the global growth in 2023, maintaining its status as a relative “bright spot” in the global economy. The fifth-largest economy in the world, which was saved from pandemic lows by digitization, will now be able to maintain its economic momentum t...