Sep 4, 2023
By: Abhishek Jha
Credit: Business insider India
The Unified Payments Interface (UPI), India's marquee payment system, is truly going global. Starting this September, Indians will be able to use UPI to pay in France and this will be launched at the iconic Eiffel Tower in Paris.
Credit: Business insider India
More than 20 countries have started or are in the process of starting to accept payment via UPI through cross border agreements with India.
Credit: Business insider India
With France accepting payments via UPI, many developed countries are now on board.
Credit: Business insider India
In July 2021, Bhutan became the first country to start accepting UPI after NPCI announced a tie up with the Royal Monetary Authority of Bhutan.
Credit: Business insider India
Starting February 2021, people living in Singapore and India can instantly transfer money to each other via UPI and PayNow.
Credit: Business insider India
On 26 January 2022, UK-based fintech startup Transact365 enabled UPI for global merchants with real time currency conversion facility.
Credit: Business insider India
As per media reports, Japan is keenly interested in joining hands with India's UPI payment system like Singapore and Thailand.
Credit: Business insider India
India and Russia are engaged in high-level discussions to start the acceptance of UPI payments soon.
Credit: Business insider India
Non-resident accounts (NRE & NRO) with international mobile numbers are now allowed to be on-boarded and transact using UPI. Highlighted ten countries already permitted.
Credit: Business insider India
In February 2023, the RBI proposed to permit India-bound foreign travellers to use UPI for retail payments
Credit: Business insider India
An RBI report says that UPI accounted for over 70% of India's non-cash transactions last fiscal. A PwC report projects this to hit 90% by FY 2026-27.
Credit: Business insider India