India’s UPI Goes Global: More Countries Now Accept India’s Digital Payment Systems
According to NPCI, UPI transactions record Rs. 7.82In the recent past, NRIs have complained about their inability to use UPI while in India. billion in December. In 2022, 74 billion transactions worth 125.94 trillion rupees were made using UPI.
In a major push to take India’s UPI global, the National Payments Corporation of India (NPCI) recently announced that NRIs or Non-Resident Indians can soon start using UPI with their international mobile numbers.
NRIs should have NRE or NRO accounts in banks in India. NPCI has listed 10 countries where non-resident account holders will be onboarded to the UPI platform.
These countries are: Saudi Arabia, Singapore, Canada, Hong Kong, Oman, Qatar, USA, United Arab Emirates, United Kingdom and Australia. This is a big boost for the UPI ecosystem which has seen phenomenal growth in India.
Transactions of UP are increasing
According to NPCI, UPI transactions record Rs. 7.82 billion in December. The volume of transactions increased by 7.12% in December while the value of transactions increased by 7.73% compared to November. In total, in the year 2022, 74 billion transactions worth 125.94 trillion rupees were made using UPI.
What does NPCI’s new move mean?
While the recent move by NPCI does not allow cross-border payments or transactions, non-resident Indians with NRE/NRO accounts in banks in India will soon be able to register themselves on the UPI platform with their international numbers.
UPI follows SIM binding where a user’s bank account is linked to his/her mobile number, NRIs were so far unable to use UPI from their international numbers.
NPCI’s move now opens the door for NRIs from the above ten countries to use UPI, even if they use international mobile numbers. NPCI has asked all members to comply with its directive by April 30 this year.
UPI goes global
India’s phenomenal success with UPI has seen increased demand from Indians to facilitate UPI transactions abroad.
While many countries including Singapore, Bhutan, UAE, Oman and others have adopted the UPI architecture, the Indian government is already in talks with many countries to enable UPI payments in their countries.
In this context, the recent move by NPCI is an important moment for India’s UPI to go global. Cross-border payments through UPI have not been allowed so far, which is undoubtedly the next big frontier for UPI. Once enabled, it will usher in a new era of payments across the globe.
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