UPI is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones. NPCI backed RuPay debit and credit cards compete with international networks like Visa and Mastercard. Speaking at the same Fintech Fest, the Governor also said RBI will focus on strengthening financial infrastructure, including cross-border payment systems. “India, with its tech talent and evolved fintech ecosystem, holds the potential to serve as a global hub for digital innovation and fintech startups,” he said.