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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

The international arm of the National Payments Corporation of India (<keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword>) on Thursday announced to deploy <a href="https://www.businessinsider.in/business/telecom/news/how-to-use-upi-autopay-to-recharge-jio-number/articleshow/88754552.cms" data-type="tilCustomLink">Unified Payments Interface</a> (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions. The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. "The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India. In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. "The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. "We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.

NPCI to deploy UPI in Nepal, first country outside India

<ul><li>The <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> has said that the government does not plan on levying charges on <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> transactions.</li><li>A discussion paper by the RBI suggested a tiered charge for UPI transactions.</li><li>The ministry has said that the government will continue to support the digital payment ecosystem.</li></ul>The Unified Payments Interface (UPI) is one of the biggest achievements of the Digital India initiative and has made payments easier. One reason that UPI was so successful is that the users were not charged anything to send and receive money. The Reserve Bank of India (RBI) recently released a <a href="https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/DPSSDISCUSSIONPAPER5E016622B2D3444A9F294D07234059AA.PDF">consultation paper</a> on charges in payment systems. One of the suggestions in this paper was that a tiered charge could be imposed on UPI transactions in line with Immediate Payment Service (IMPS) transactions. “UPI as a funds transfer system is like IMPS. Therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions. A tiered charge could be imposed based on the different amount bands,” the RBI said in its paper. The government has now clarified that it does not plan to impose any charges on UPI. “UPI is a digital public good with immense convenience for the public &amp; productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services,” the Finance Ministry said in a <a>tweet</a>. The ministry also said that the cost incurred by the service providers would have to be recovered through other means. “The concerns of the service providers for cost recovery have to be met through other means," the ministry added. “The Govt had provided financial support for the Digital Payment ecosystem last year and has announced the same this year as well to encourage further adoption of Digital Payments and promotion of payment platforms that are economical and user-friendly,” the ministry added. The government must continue to keep UPI transactions free as it continues to grow. To understand the importance of UPI, we need to look at the transaction numbers. <cmsannotation type="cmsannotation" annotationid="India recorded over 200 million UPI transactions per day in July 2022" comment="subhead" text="India recorded over 200 million UPI transactions per day in July 2022">India recorded over 200 million UPI transactions per day in July 2022</cmsannotation> In July 2022, over <a href="https://www.businessinsider.in/finance/news/upi-transactions-reach-a-new-high-cross-the-6-billion-mark-in-july-2022/articleshow/93297345.cms'">200 million transactions</a> were done daily using UPI, resulting in a total of 6.28 billion transactions. The total value of transactions in July 2022 alone was ₹10.62 lakh crore. Another area where UPI has become important is international travel. Indians can use UPI in countries like <a href="https://www.businessinsider.in/india/news/indian-travellers-in-uae-can-now-use-upi-for-payments/articleshow/90976283.cms">UAE</a>, <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">France</a>, Singapore, Bhutan and Nepal, making payments easier when they travel. In addition, the government also announced its plan to allow credit cards to be <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">linked to UPI</a>, allowing users to use UPI to make payments with their credit cards. This will give a big boost to b credit cards and UPI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">Chinese smartphones continue to lead the market share despite crackdown by the Indian government</a> <a href="https://www.businessinsider.in/finance/news/upi-transactions-reach-a-new-high-cross-the-6-billion-mark-in-july-2022/articleshow/93297345.cms'">Over 200 million UPI transactions were done each day in July 2022</a> <a href="https://www.businessinsider.in/finance/news/indian-policy-makers-are-not-happy-that-8-out-of-10-upi-transactions-are-being-done-through-phonepe-and-google-pay/articleshow/92804434.cms">Indian policy makers are not happy that 8 out of 10 UPI transactions are being done through PhonePe and Google Pay</a>

UPI transactions will remain free, government says it has no plan to charge them

<ul><li><keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> have crossed the 6 billion mark for the first time since 2016.</li><li><keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> recorded 6.28 billion transactions in July 2022.</li><li>The number of transactions has nearly doubled since July 2021.</li></ul>Unified Payments Interface (UPI) has become one of the biggest successes of the <keyword id="1929810" type="General" weightage="50" keywordseo="digital-india" source="Orion">Digital India</keyword> initiative and has made sending and receiving money a breeze. Then monthly UPI transactions have achieved a new record in July 2022. According to the data released by the <keyword id="6383340" type="General" weightage="50" keywordseo="national-payments-corporation-of-india" source="Orion">National Payments Corporation of India</keyword> (NPCI), UPI recorded over 6.28 billion transactions in July 2022, a new record since the service was launched in July 2016. <cmsannotation type="cmsannotation" annotationid="Transactions nearly double in a year" comment="subhead" text="Transactions nearly double in a year">Transactions nearly double in a year</cmsannotation> <div type="image" title="UPI transactions Jan 2021 to July 2022." msid="93297293" hostid="261" caption="&amp;lt;p&amp;gt;UPI transactions from January 2021 to July 2022.&amp;lt;/p&amp;gt;"></div> There has been a constant month-on-month increase in UPI transactions over the years and the number of transactions has nearly doubled since July 2021. In July 2021, the number of transactions recorded was 3.24 billion, which increased to 6.28 billion in July 2022. This means that over 200 transactions were done each day in July 2022. UPI recorded a 7.16% increase in transactions from June 2022 and over a 90% increase annually. UPI has become the preferred mode of payment for customers, for both small and big purchases. The presence of QR codes from different platforms with the merchants have made payments quite easy as all you need to do is scan the code and enter your PIN. In addition to merchant payments, a majority of peer-to-peer transactions are also being done using UPI. <cmsannotation type="cmsannotation" annotationid="Increase in banks" comment="subhead" text="Increase in banks">Increase in banks</cmsannotation> One of the reasons for the increasing transactions is the fact that there has been a considerable increase in the number of banks on the platform. In July 2021, 235 banks were live on the UPI platform and this number has increased to 338 in July 2022. The onboarding of over 100 banks has considerably increased the number of UPI transactions. <cmsannotation type="cmsannotation" annotationid="Increase in value" comment="subhead" text="Increase in value">Increase in value</cmsannotation> In addition to an increase in the number of transactions, there has been a constant increase in the value of transactions as well. During July 2022, the total value of UPI transactions was over ₹10.62 lakh crore. <cmsannotation type="cmsannotation" annotationid="UPI goes global" comment="subhead" text="UPI goes global">UPI goes global</cmsannotation> The NPCI International Payments Limited (NIPL), the international arm of NPCI has given a global push to UPI. It has partnered with domestic companies in countries like <a href="https://www.businessinsider.in/india/news/indian-travellers-in-uae-can-now-use-upi-for-payments/articleshow/90976283.cms">UAE</a>, <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">France</a> Singapore, Bhutan and Nepal to enable Indians to make use of UPI when they travel. Earlier this year, the government also announced its plan to allow credit cards to be <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">linked to UPI</a>, allowing users to use UPI to make payments with their credit cards. This will give a big boost to both credit cards and UPI. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/indian-policy-makers-are-not-happy-that-8-out-of-10-upi-transactions-are-being-done-through-phonepe-and-google-pay/articleshow/92804434.cms">Indian policy makers are not happy that 8 out of 10 UPI transactions are being done through PhonePe and Google Pay</a> <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts</a> <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">You will soon be able to use UPI in France in addition to UAE, Singapore</a>

Over 200 million UPI transactions were done each day in July 2022

<ul><li>The National Payments Corporation of India International has signed an MoU with France’s Lyra Network.</li><li>This will enable Indians to pay using <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> and <keyword id="14209675" type="General" weightage="20" keywordseo="rupay-cards-in-france" source="Orion">Rupay cards in France</keyword>.</li><li>UPI is already accepted in UAE, Singapore and Bhutan.</li></ul>In yet another boost to the Unified Payments Interface (UPI) and Rupay, union communications and electronics &amp; information technology minister Ashwini Vaishnaw has announced that UPI and <keyword id="6404717" type="General" weightage="20" keywordseo="rupay-cards" source="Orion">Rupay cards</keyword> will soon be accepted in France. According to a <a href="https://twitter.com/ANI/status/1537207445273350144">report</a> by ANI, The National Payments Corporation of India International (NPCI International), the international arm of National Payments Corporation of India (NPCI) has signed a memorandum of understanding (MoU) with Lyra Network, a French payment solutions company. As part of the MoU, Lyra Networks will allow Indians to pay using UPI and Rupay cards at terminals and machines offered by Lyra Networks, making it easier especially for students and tourists from India to make payments. This comes just two months after NPCI International had announced a partnership with NeoPay, a payments subsidiary of UAE’s Mashreq Bank, allowing Indians in the UAE to make payments using UPI on the company’s terminals across the country. “An MoU has been signed b/w NPCI, International and Lyra Network of France for 'Acceptance of UPI &amp; Rupay Card in France. India is doing 5.5 billion UPI transactions in a month. Today's MoU with France is a big achievement for us,” union minister Ashwini Vaishnaw told ANI. <div type="Article" hostid="261" msid="92099285" title="SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts" mstype="2" mssubtype="0"></div> This will also boost Rupay, which recently received a shot in the arm after the country’s central bank <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">announced</a> that Rupay credit cards will soon be linked to the UPI network, allowing users to make payments with their Rupay credit card by using UPI apps. Indians can already use UPI in countries like Bhutan and Singapore. NPCI International is also in talks to enable UPI payments in Nepal. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/phonepe-and-google-pay-upi-apps-may-get-more-time-to-comply-with-the-30-cap-on-market-share/articleshow/92031883.cms">In a relief to PhonePe and Google Pay, UPI apps may get more time to comply with the 30% cap on market share</a> <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">RBI to allow use of credit cards via UPI soon, starting with RuPay credit cards</a> <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts</a>

You will soon be able to use UPI in France in addition to UAE, Singapore

Social e-commerce platform <keyword id="7412577" type="General" weightage="100" keywordseo="dealshare" source="Orion">DealShare</keyword> on Thursday said it has raised another $45 million as part of its series E funding round from the Abu Dhabi Investment Authority (<keyword id="6482676" type="General" weightage="80" keywordseo="adia" source="Orion">ADIA</keyword>), taking total funding to $393 million and valuation to $1.7 billion. The company said it will use the funds to boost product innovation and technology to support its rapid growth and expanding customer base. "In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states," said <keyword id="7948689" type="General" weightage="20" keywordseo="vineet-rao" source="Orion">Vineet Rao</keyword>, Founder and CEO of DealShare. DealShare offers low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience, making it easy for first-time internet users to experience online shopping. The company will use funds to build teams across the country and hire new tech talent at all levels. "India's e-commerce ecosystem is developing rapidly, and DealShare is addressing an underserved and growing segment within it," said <keyword id="13195199" type="General" weightage="20" keywordseo="hamad-shahwan-al-dhaheri" source="Orion">Hamad Shahwan Al Dhaheri</keyword>, Executive Director of the Private Equities Department at ADIA. DealShare previously announced $165 million of funding in Series E from <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Alpha Wave Global, Dragoneer Investments Group, Kora Capital and Unilever Ventures. DealShare is set to reach $1 billion of gross revenue run rate within just three years in operation. "We are likely to hit $3 billion of gross revenue run rate in the next 12 months," said Sourjyendu Medda, Founder and Chief Business Officer. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/npci-to-deploy-upi-in-nepal-first-country-outside-india/articleshow/89641194.cms">NPCI to deploy UPI in Nepal, first country outside India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-2-5g-oneplus-tv-y1s-y1s-edge-to-launch-in-india-today-heres-how-to-catch-the-livestream/articleshow/89636431.cms">OnePlus Nord CE 2 5G, OnePlus TV Y1S &amp; Y1S Edge to launch in India today – here’s how to catch the livestream</a>

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RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

ANI

NPCI to deploy UPI in Nepal, first country outside India

IANS

UPI transactions will remain free, government says it has no plan to charge them

Sourabh Jain

Over 200 million UPI transactions were done each day in July 2022

Sourabh Jain

You will soon be able to use UPI in France in addition to UAE, Singapore

Sourabh Jain

Social e-commerce platform DealShare raises $45 million from ADIA

IANS

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