On the recent visit of the Prime Minister of India, Namibia decided to sign a licensing agreement to adopt the UPI system for real-time digital payments.
- Previously, in its Annual Report for 2023-24, RBI, in collaboration with NPCI International Payments Ltd. (NIPL), set an ambitious agenda to work on expanding UPI to 20 countries by 2028-29.
- Other countries where UPI-based international merchant payments are accepted include Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
About UPI
- UPI, launched by NPCI in 2016, powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments.
Significance of Internationalization of UPI
- Global market expansion: Faster and easier cross-border payments can stimulate trade between India and other countries.
- Interoperability and standardization: Wider adoption of UPI can promote interoperability between payment systems across countries ensuring smoother integration with financial technologies worldwide.
- ‘Digital’ diplomacy: Strengthening of India’s influence and goodwill through technological collaboration.
Other steps taken for Internationalization of UPI
Note: UPI is an integral part of the Payments layer of DPI. |
