UPI
India’s UPI is going further global! 8 new countries in talks for payment revolution
Indian Financial Services Secretary M. Nagaraju has said New Delhi is currently in talks with about eight countries, including those in East Asia, to make UPI payments acceptable.
"We are now talking to about 7-8 countries, including many in East Asia, to have UPI transactions," Nagaraju was quoted as saying by The Hindu while speaking at a conference on Harnessing AI and digital public infrastructure for Viksit Bharat.
"Some of the trade negotiations we are doing with some of the countries now, we are trying to have a track on UPI so that the fintech industry which is deeply involved in UPI also have a foot in the financial sector where we have the cost, scale advantage and we want to leverage that advantage to the benefit of the country," he said.
What is UPI?
Unified Payments Interface (UPI) is a system that empowers users to add multiple bank and other allowed accounts (of any participating bank) into a UPI App, merging several banking features, seamless fund routing & merchant payments under one hood, reads the National Payments Corporation of India (NPCI) website.
Currently, India's UPI is accepted by several nations, including Bhutan, Singapore, Qatar, Mauritius, Nepal, UAE, Sri Lanka and France.
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