Indian technology UPI

Indian technology UPI:

Unified Payments Interface (UPI) is an instant payment system developed by National Payments Corporation of India (NPCI) that facilitates inter-bank peer-to-peer and person-to-merchant transactions. It is one of the most successful payment systems in the world, with over 300 million monthly active users and over 6.7 billion transactions in September 2022. UPI has also been adopted by several countries across the globe, making it a global standard for digital payments.

According to various sources1234, some of the countries that have been using or are planning to use UPI are:

Bhutan: In July 2021, Bhutan became the first country to adopt UPI standards for its QR deployment, and the first country in India’s immediate neighbourhood to accept mobile-based payments through the BHIM App1.

Nepal: In March 2021, Nepal deployed India’s UPI payment system, enabling real-time cross-border P2P remittances and merchant payments between Nepal and India1.

Oman: In October 2022, Oman formally joined many other nations in adopting UPI for digital transactions across platforms, after signing an agreement with NPCI1.

UAE: In April 2022, NPCI announced that BHIM UPI has been made live at NEOPAY terminals, across the UAE, allowing Indian expatriates and tourists to make payments using their UPI apps1.

Singapore: In November 2019, NPCI launched a pilot project with Singapore’s NETS to enable cross-border interoperability of payments using QR codes2. In September 2020, NPCI partnered with Singapore’s PayNow to enable instant fund transfers between India and Singapore2.

Mauritius: In August 2019, NPCI signed a pact with Mauritius’ Central Bank to launch a QR code-based payment system in the island nation2.

France: In July 2019, NPCI collaborated with French payment company Lyra to offer UPI acceptance to merchants in France2.

United Kingdom: In August 2022, it was announced that UPI will foray into the United Kingdom market, with NPCI partnering with UK-based fintech company Fidel Technologies2.

Other countries: NPCI has also been in talks with several other countries such as Qatar, Saudi Arabia, Malaysia, Thailand, Vietnam, Cambodia, Indonesia, Sri Lanka, Maldives, Bahrain, Hong Kong, Taiwan, South Korea, Australia, Japan, Switzerland, Netherlands, Canada, Russia and the European Union for expanding UPI’s reach and adoption234.

UPI’s global expansion is a testament to its success and innovation as a payment system that offers convenience, security and interoperability. It also showcases India’s leadership and expertise in the digital payments domain and its potential to contribute to the global financial inclusion agenda.