Mumbai, September 7 (IANS). The global success of India's digital payments system Unified Payments Interface (UPI) is now attracting the attention of European countries as well. Sean McWilliams, head of fintech and payments at IDA Ireland, Ireland's investment promotion agency, said on Monday that Ireland wanted to understand the rapid growth of UPI and how the model could be used in Ireland, the European Union (EU) and other markets.
In a special conversation with news agency IANS during the Global Fintech Festival held in Mumbai, McWilliams said that the main objective of his visit to India is to understand the country's rapidly developing fintech and digital payments ecosystem. They also want to know how Ireland can play a supporting role for Indian companies planning international expansion.
Speaking to IANS, he said that UPI has become a central pillar of India's payments system today and countries around the world are looking for solutions that can make payments more simple, faster, accessible and convenient.
“I am particularly interested in understanding what the success of UPI in India might mean for Ireland and the EU, as well as seeing what potential parallels or opportunities for collaboration exist between the fintech innovations happening in Ireland and the UPI model,” McWilliams said.
He said that the progress achieved by India in the digital payments sector has become an important subject of study for the world. India has made the payment system comprehensive and inclusive by connecting a large population to digital financial services, from which other countries can also learn important lessons.
McWilliams also mentioned Ireland's Artificial Intelligence (AI) strategy during the conversation. He noted that Ireland has recently launched a National AI Strategy, which aims to make the country a leading hub of AI innovation nationally and internationally.
He said the focus of this strategy is to promote emerging technologies, skill development, talent creation and encourage innovation within a responsible and regulatory framework.
He added that Ireland has a strong tradition of innovation in financial services and now AI is emerging as the next big technological revolution. This can help multinational fintech companies as well as startups in global expansion.
McWilliams pointed out that under Ireland's EU presidency this year, it will host an international AI summit on October 14, which will be attended by global companies, policy-makers and technology experts.
The conference will discuss the challenges, opportunities and key trends related to AI and position Ireland as a hub for AI innovation.
He further said that Ireland can offer several important advantages for Indian companies planning global expansion.
“I think access to the European market, strong tech ecosystem, pro-innovation policies and the presence of global financial services could be attractive points for Indian companies,” McWilliams said.
–IANS
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