UPI will start working in 20 countries by 2029, RBI and NPCI made this plan

Today is the era of Digital India. People are increasingly preferring to make online payments with the help of UPI. From small shopkeepers to big businessmen, almost everyone is considering online payment as their first choice. Now a report has come out, in which it has been said that its service will be expanded abroad.

Today is the era of Digital India. People are increasingly preferring to make payments online with the help of UPI. From small shopkeepers to big businessmen, almost everyone is considering online payment as their first choice. Now a report has come out, in which it has been said to expand its service abroad. According to the report of ANI, the Reserve Bank of India (RBI) and NPCI International Payments (NIPL) have planned to expand the Unified Payments Interface (UPI) to 20 countries by FY 2029. According to the annual report of RBI, efforts will be made to expand the global presence of UPI and RuPay.

Plans to expand to 20 countries

The report said that in view of the goals of Developed India 2047, the Reserve Bank, in collaboration with NIPL, will work towards taking UPI to 20 countries, starting by 2024-25 and completing by 2028-29. The RBI report mentions the possibility of collaborating with countries of the European Union and the South Asian Association for Regional Cooperation (SAARC), as well as exploring a better relationship for the Fast Payment System (FPS).

This is the vision of RBI

International expansion of UPI and RuPay cards has been identified as a key objective in the Payment Vision Document 2025 by RBI. The report said that RBI is in discussions with various central banks to create collaborative arrangements. In July 2023, RBI and the Central Bank of UAE (CBUAE) signed a Memorandum of Understanding (MoU) to connect their payment infrastructure.

This is the deal

The agreement includes connecting India's UPI to UAE's instant payment platform (IPP) Ani and their respective card switches (RuPay Switch and UAESwitch). In February 2024, RuPay card and UPI connectivity was launched between India and Mauritius. This will allow Indian travellers in Mauritius to pay merchants using UPI apps and Mauritian travellers in India can do the same.