New Delhi : Apart from India, many countries of the world have seen major changes in payment methods with the introduction of Unified Payments Interface technology. The year 2024 has brought a big achievement for India in this field. Now NCPI (National Payments Corporation of India) is preparing to launch UPI in four more countries. Which includes Qatar, Thailand and many countries of South-East Asia.
This facility is currently available for a total of seven countries including India. Apart from India, this includes Bhutan, Mauritius, Nepal, Singapore, Sri Lanka and France. Here, 20 apps like BHIM, PhonePe, Paytm and Google Pay are allowed for these international transactions. UPI has achieved the target of 15,547 crore transactions worth Rs 223 lakh crore from January to November this year. This figure clearly shows how much the trend of UPI is increasing. At the same time, there is a plan to bring UPI in some more countries by the year 2025.
Many countries are in talks with India regarding UPI payments. Efforts are underway to promote UPI payments internationally with the support of countries like Peru, Namibia and Trinidad and Tobago.
India has broader objectives to facilitate digital payments with foreign countries. Quoting sources, the report said that allowing UPI payments to foreign countries in India will lead to an increase in P2P (peer-to-peer) and P2M (peer-to-merchant) transactions. For this, NIPL is taking steps as per concrete strategy. Bilateral and other multilateral agreements include Project Nexus of BIS (Bank for International Settlements). It is being considered an effort to link the instant payment systems of various countries with India's UPI payments in collaboration with the central banks of India, Malaysia, Philippines, Singapore and Thailand.
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