The UPI of India is playing stinging worldwide. India's UPI is also being used in many countries. In this series, now Prime Minister Narendra Modi has proposed to connect India's Unified Payments Interface (UPI) with his payment system. The objective of this initiative is to promote trade and tourism.
Bimstec includes Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. Connecting UPI with the payment systems of these countries will make border-par transactions ease, which will promote trade and tourism. This initiative will be helpful in promoting digital payments and strengthening regional economic cooperation.
Bimstec is an important forum to further global good. It is imperative we strengthen it and Deepen Our Engagement. In this context, I proposed a 21-point action plan covering different aspects of our cooperation. pic.twitter.com/6lstblwagc
- Narendra Modi (@narendramodi) April 4, 2025
UPI's sting is continuously ringing all over the world. Its success is being discussed all around. Currently exists in seven countries. In Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France Are included. 20 apps like BHIM, Phonpe, Paytm and Google Pay support these international transactions. We are now focusing on increasing the use of UPI in those countries where it has been launched.
The number of transactions through UPI has increased by 42 percent to 93.23 billion on an annual basis in the second half of 2024. This has been said in a report. According to the Worldline's second half of the 2024 Keyindia Digital Payment report, three UPI platform phonpes, Google Pay and Paytm are dominated in terms of volume and price. In terms of transaction volume, these three apps stake in all transactions in December 2024 to 93 per cent. In terms of transaction value, the stake was 92 percent.
