India’s UPI paving the way for seamless cross-border transactions worldwide

0
119
India's UPI paving the way for seamless cross-border transactions worldwide
India's UPI paving the way for seamless cross-border transactions worldwide

UPI’s appeal has extended to inbound foreign travelers from G20 countries, enabling them to make merchant payments, and catering to non-resident Indians (NRIs) in selected international locations.

India’s Unified Payments Interface (UPI) is making significant strides in expanding its global presence, with successful launches in Singapore and France paving the way for further expansion into North America and the Middle East. Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), the international arm of the National Payments Council of India, highlighted the importance of countries significant to Indian travelers and those with a large Indian diaspora as potential target markets for future UPI expansion, as per Trak report.

The global aspirations of Unified Payments Interface received a major boost when Indian Prime Minister Narendra Modi announced that Indian tourists would be able to make rupee payments using UPI from the Eiffel Tower during his visit to Paris. Additionally, India established cross-border connectivity with PayNow of Singapore on February 21, further elevating UPI’s popularity globally.

UPI’s appeal has extended to inbound foreign travelers from G20 countries, enabling them to make merchant payments, and catering to non-resident Indians (NRIs) in selected international locations. As a result, India has signed memoranda of understanding (MoUs) with 13 countries, including Malaysia, Thailand, Philippines, South Korea, and Japan, expressing their interest in adopting UPI for digital payments.

Nepal became the first foreign country to implement Unified Payments Interface as a payment platform through a collaboration between Nepal’s Manam Infotech and Gateway Payments Service, facilitating person-to-person (P2P), person-to-merchant (P2M), and cross-border payments.

The success and increasing popularity of Unified Payments Interface have sparked further interest, leading NPCI International Payments Ltd (NIPL) to actively pursue additional collaborations. The platform’s expansion has generated excitement in other markets, leading to inquiries and requests for similar UPI-powered solutions.

The global expansion of Unified Payments Interface is set to revolutionize cross-border transactions, promoting faster and more convenient payments and driving significant growth in transaction volumes. Experts predict that daily transactions on the UPI platform could reach one billion within the next three years as it reaches its full potential.

Originally designed to facilitate payments for Indian consumers with multiple bank accounts, UPI is now venturing into the global market, redefining the way digital payments are made both within and beyond India.

As of June 2023, UPI’s transaction volume reached an impressive 9.33 million, with the total value of transactions touching Rs 14.75 lakh crore for the month. With its continued global expansion, UPI is poised to revolutionize the way digital payments are conducted worldwide.

Also read:How technology can streamline hiring process for companies?

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics