RBI working to expand UPI to 20 countries by 2028-29: RBI Annual Report
The Reserve Bank of India (RBI) and NPCI International Payments Ltd (NIPL) are working to bring UPI to 20 countries by FY2029. The RBI’s annual report said it is exploring options to expand the global footprint of UPI and RuPay.
“In light of the Viksit Bharat 2047 targets, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL), will work to take UPI to 20 countries with a launch timeline of 2024-2025 and a completion timeline of 2028-2029,” the report said.
The RBI report adds that “cooperation between the Fast Payment System (FPS) and a group of countries such as the European Union and the South Asian Association for Regional Cooperation (SAARC) and multilateral linkages will be explored”.
RBI’s Payments Vision Document 2025 has outlined expanding the global reach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries to forge partnerships.
In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a Memorandum of Understanding (MoU) to link their payment infrastructure. Under this MoU, India and the UAE have agreed to work together to link their Fast Payment Systems, India’s UPI with the UAE’s Instant Payment Platform (IPP) called Aani. Both the countries have also agreed to link their respective Card Switches (RuPay switch and UAESWITCH).
In February 2024, RuPay cards and UPI connectivity between India and Mauritius were launched. With this connectivity, an Indian traveler to Mauritius can pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveler can do the same in India using Mauritius’ instant payment system apps
In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps.
The Reserve Bank of India and Nepal Rastra Bank are also exploring linking India’s UPI platform with Nepal’s National Payments Interface to enable cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed an MoU with the aim of
UPI payment via QR code is already accepted for merchant payments (e-commerce) in France and Nepal. India has some form of collaboration with seven countries for making payments via UPI.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
