UPI likely to extend to UAE, Mauritius, Indonesia
India’s Unified Payments Interface (UPI) is shortly to be connected to comparable networks in Indonesia, Mauritius, and the United Arab Emirates (UAE). This occurs a week after Singapore’s PayNow launched cross-border connection for real-time digital payments.
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UPI likely to extend to UAE, Mauritius, Indonesia: Key Points
- The Indian diaspora will soon be able to quickly and cheaply deal across international borders by scanning QR codes.
- To facilitate quicker remittances between the two nations, Singapore’s PayNow network and India’s UPI were connected.
- Because of this, individuals in both nations can transmit money instantly by scanning a QR code or by just inputting the mobile number connected to their bank accounts.
How would the UPI work across countries?
- The 24×7 cross-border connectivity project in India can be used by sending money through Google Pay, Paytm, and other comparable digital payment systems.
- Singaporeans can transfer money to India via virtual payments in a similar way.
- The existing cross-border payment network between India and Singapore only includes 5–6 Indian banks.
- At the beginning, outgoing remittances will be facilitated by the State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank, while incoming remittances will be facilitated by Axis Bank and DBS India.
The service would be made available to Singapore users through DBS-Singapore and Liquid Group, according to the Central Bank of India (RBI) (a non-bank financial institution).
Direct benefit transfers total Rs 5.5 trillion so far in FY23
Important Takeaways For All Competitive Exams:
- UPI Full Form: Unified Payments Interface
- UPI Founded by: The National Payments Corporation of India (NPCI), established by the Reserve Bank of India (RBI) and the Indian Banks’ Association, created the Unified Payments Interface (UPI). A quick real-time payment method is UPI. P2P and P2M transactions between banks are made possible via the interface.
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