After Singapore and UAE, UPI network will now spread in Western countries, payment abroad will be easy
UPI The fame of UPI is now spreading abroad as well. Along with Western countries, Japan is also showing interest in UPI. On 21 February 2023, RBI linked UPI with Paynow of Singapore. After this, payments can now be made through UPI in UAE as well. Let us know about it in detail in this report.
The Governor of the Reserve Bank of India announced the decisions taken on the monetary policy on the previous day. With this, RBI Governor Shaktikanta Das said that the reach of UPI is now reaching abroad. Along with Western countries, UPI is also making its reach in Japan. On February 21, 2023, RBI linked UPI with Paynow of Singapore. After this, UPI payments started between the two countries in a faster and more transparent manner.
Reserve Bank Governor Shaktikanta Das along with his Singaporean counterpart Ravi Menon, who is the Managing Director of the Monetary Authority of Singapore, launched the new linkage.
Announcing the third monetary policy review, Governor Shaktikanta Das said that the RBI plans to use AI in UPI payments and deploy near-field communication (NFC) technology used in offline payments in UPI-Lite. planning. Due to this, the limit of small transactions being UPI Lite has been increased from Rs 200 to Rs 500.
Payment through UPI has started in many countries abroad. Collaboration with Singapore has already happened. Recently UPI has been integrated with UAE's payment system Integrated Payment Platform (IPP). For this, an agreement has also been signed with IPP.
Regarding connecting foreign countries with UPI, Shaktikanta Das said that in the coming months, payments will be made through UPI in many countries. Discussions are also on with some other countries to integrate their payment systems with UPI. It also includes some advanced economies. They have shown interest in joining UPI.
He further said that UPI is now recognized internationally. It is probably the most efficient and advanced payment system in the world. In the recent G20 Finance Ministers and Governors meeting, UPI was widely recognized. Soon many more countries will be able to make payments through UPI.
The Japanese minister has recently approached for linkage with UPI. This information has been given by the Deputy Governor. The Deputy Governor says that we are happy that a country with an advanced economy like Japan is showing interest in UPI.
