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Digital Payment Infrastructure, one of key takeaways of India’s G20 Presidency: Sherpa Amitabh Kant

September 9, 2023 9:13 AM IST

amitabh kant | G20 Summit | G20 presidency | Digital Payment Infrastructure

One of the key takeaways of India’s G20 presidency is the revolutionization of Digital Payment Infrastructure, as very few people knew about it initially, but it has been taken forward extensively, G20 Sherpa Amitabh Kant said during a pre-summit briefing, on Friday.

Kant emphasized that when India assumed the G20 Presidency, digital payment infrastructure and its open-source model were relatively unknown concepts.

‘When India started the G20 Presidency, very few people knew about Digital Payment Infrastructure and the open source model of it. This has been extensively taken forward, by both the Finance track and Sherpa track in a very rigorous manner. Digital Payment Infrastructure, has broadly been accepted as…the way to bring financial inclusion. This is the way to do fast payments, this is the way to drive the innovation of the future”, he stated.

He added, “One of the key takeaways of India’s presidency is that it has completely revolutionalised digital payment infrastructure, which is a unique model. Its definition, its framework and how we take it forward, all of this has come into discussion in India’s G20 presidency.”

Additionally, Kant highlighted that the forthcoming New Delhi leaders’ declaration following the G20 Summit will represent the perspective and interests of the Global South and developing nations to an unprecedented degree. He highlighted that no other document worldwide would carry such a strong voice from these regions.

Kant further noted that one of the standout achievements of India’s presidency lies in the complete revolution of digital payment infrastructure. The discussions during India’s G20 presidency encompassed its definition, framework, and strategies for advancement.

During the same briefing, Ajay Seth, Secretary of the Department of Economic Affairs, Ministry of Finance, credited Prime Minister Narendra Modi and underscored India’s G20 presidency’s commitment to addressing issues that directly impact people’s lives.

“Under the leadership of our PM, the focus and the vision of India G20 presidency is to bring focus to the global discourse issues which could make a difference to people’s lives,” he stated.

India is all set to host the G20 Leader’s Summit in New Delhi at the newly inaugurated Bharat Mandapam, Pragati Maidan.

This summit will serve as the culmination of an extensive series of G20 processes and meetings that have taken place throughout the year, involving ministers, senior officials, and civil society representatives.

The summit’s conclusion will see the adoption of a G20 Leaders’ Declaration, reflecting the leaders’ commitments to the priorities discussed and agreed upon during various ministerial and working group meetings.

(Inputs from ANI)

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