by priyanka roshan july 17, 2023
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The Indian government is promoting the Unified Payments Interface (UPI) to other countries. UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI).
UPI is India's mobile payment system and allows people to make payments 24/7 through a virtual payment address set up by the customer. Let us take a look at other countries that accept UPI for cross-border transactions.
On July 14, 2023, PM Narendra Modi announced the agreement between India & France to use UPI payment mechanism. The service will initially be launched from the iconic Eiffel Tower in Paris, France.
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On February 21, 2023, the Reserve Bank of India (RBI) & the Monetary Authority Singapore (MAS) announced the linking of UPI & PayNow to enable fast cross-border transactions between the two countries.
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A formal agreement between NPCI and the Central Bank of Oman in October 2022 to enable UPI for digital transactions on all platforms.
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In 2022, Nepal introduced UPI real-time payments. In Nepal, NIPL partnered with Gateway Payments Service & Manam Infotech to implement UPI.
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In 2022, NPCI International Payments Limited (NIPL) partnered with Mashreq Bank's payments subsidiary, NEOPAY, in the UAE to enable UPI payments.
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The UPI digital payment app was virtually launched in Bhutan on July 13, 2021 by FM Nirmala Sitharaman and her Bhutanese counterpart Lyonpo Namgay Tshering. Bhutan is the first neighbouring country to use BHIM UPI.
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