UPI Could Soon Reach these International Destinations

The central bank is showcasing the Central Bank Digital Currency (CBDC) along with UPI and is also allowing foreigners to use UPI. If UPI is enabled for fund transfers to more countries, it would mean a lower cost of fund transfers for the citizens. Banks currently charge a lot of money from users whenever they try to send money to an international account. The same is the case with payment platforms such as PayPal.

Highlights

  • The impact of the Unified Payments Interface (UPI) system in India has been great over the last few years.
  • The adoption of UPI has kept on growing, especially during the pandemic when a lot of users preferred cashless transactions.
  • Now UPI could soon reach major international destinations such as Indonesia, UAE, and Mauritius.

Follow Us

UPI

The impact of the Unified Payments Interface (UPI) system in India has been great over the last few years. The adoption of UPI has kept on growing, especially during the pandemic when a lot of users preferred cashless transactions. Now UPI could soon reach major international destinations such as Indonesia, UAE, and Mauritius. It is worth recalling that UPI has already reached Singapore, and now international money transfers to users in Singapore can be done via apps such as Paytm, GPay and more.




Read More - UPI and PayNow of Singapore Linked to Send Money Internationally

According to a TNN report, the Reserve Bank of India (RBI) is reportedly in talks with several countries, including Mauritius, UAE, and Indonesia, for the extension of UPI. This would enable quicker and more affordable transfer of funds internationally using mobile phones. The report added that a senior RBI officer told the reports on the sidelines of the meeting of the G20 finance ministers and central bank governors that some of the Latin American countries have also shown interest in the system of UPI.

The central bank is showcasing the Central Bank Digital Currency (CBDC) along with UPI and is also allowing foreigners to use UPI. If UPI is enabled for fund transfers to more countries, it would mean a lower cost of fund transfers for the citizens. Banks currently charge a lot of money from users whenever they try to send money to an international account. The same is the case with payment platforms such as PayPal.

Read More - Paytm UPI Lite Enables Payments of Up to Rs 200 Without PIN

The RBI officer also said that UPI will also be availed for non-resident Indians from the next month. Basically, UPI will allow money transfers from international mobile numbers. This would again be a game-changing move for the Indians who are not living in the country or the ones that travel outside a lot.

On CBDC, the RBI official said that they are trying to ramp up the pilot as soon as possible in a closed group. There is a pilot for retail stores already happening in several cities of the nation, and now the RBI is looking to expand it to more cities and is likely to include more banks.

Reported By

Tanuja is a passionate technology and telecom buff who has been following the telecom industry for several years now.

Recent Comments

shivraj roy :

the amount of spelling mistakes in this post is crazy

Govt Looking to Ensure 100 Mbps Per Customer With 6G:…

Khan Yunus :

Airtel Payments Bank down from last two days please inquiry

Airtel Recharge Plans with JioHotstar Subscription

shivraj roy :

thats cool but remember kids before 2018 prawn wasn't banned either was torrent sites sure ur internet speeds increased but…

Govt Looking to Ensure 100 Mbps Per Customer With 6G:…

Faraz :

So do they plan to pay all AGR dues, or are they waiving white flag here ?

Vodafone Idea Says No Legal Options Left After SC Rejects…

Rahul Yadav :

Bsnl is still cheaper than other you need find plan which suits you. BSNL has multiple plans with just minor…

BSNL Reports Rs 262 Crore Profit in Q3, Marking First…

Load More
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments