UPI is an inter-bank fund transfer mechanism run by the National Payments Corporation of India (NPCI) and enables instant fund settlement through a smartphone.
NPCI is working to enable this feature within the next six months, starting with the United Arab Emirates (UAE) and Singapore, sources told ET.
“These two countries already have opened up to RuPay cards; now the target is to enable UPI payments. This will be a big boost for Indians traveling in those countries and, just like their debit card or credit card, they can pay via UPI,” said a senior banker.
NPCI did not respond to ET’s queries till the time of going to press.
The Nandan Nilekani-led committee on Digital Payments formed by the RBI had suggested that NPCI should expand the international footprint of its payment systems like UPI, RuPay and BHIM.
This will not only help in easing international remittances, but also aid Indians traveling abroad, the committee’s report had suggested.
“Many global companies like Facebook, Google and Xiaomi have started entering the UPI payments space, which can boost the use case of UPI payments in other geographies,” said one of the two bankers mentioned earlier.
The biggest challenge, however, is to onboard merchants in those countries. NPCI will have to rely on banks and merchant aggregators in those geographies to onboard merchants.
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12 Comments on this Story
Amit Badshah364 days ago
FIR main transaction kiye the amount cut Gaya
Anushka 366 days ago
I support 100% digital transaction. No need to keep spending record. All available at just finger tips.
padmanaban_bpl366 days ago
Will it require authentication by OTP sent to mobile number registered in India.?Indian mobile phones do not work abroad if the mobile holder is abroad.This aspect needs to be addressed.