The Reserve Bank of India (RBI) has set ambitious goals for taking the Unified Payments Interface (UPI) to 20 countries by the financial year 2029. In collaboration with NPCI International Payments Ltd (NIPL), the RBI aims to initiate the process in 2024-25 and complete it by 2028-29. This move is in alignment with the goals set for Viksit Bharat 2047, showcasing a long-term vision for expanding the global presence of UPI and RuPay.
Collaborative Efforts with Central Banks
The RBI’s Payments Vision Document 2025 emphasizes the importance of internationalizing UPI and RuPay cards as a key objective. Through collaborative arrangements with central banks of various countries, the Reserve Bank is exploring opportunities to establish Fast Payment System (FPS) collaborations. These collaborations may include groupings like the European Union and the South Asian Association for Regional Cooperation (SAARC), as well as other multilateral linkages.
Recent Milestones
In recent years, significant milestones have been achieved in expanding the reach of UPI and RuPay internationally. For instance, the RBI signed a memorandum of understanding (MoU) with the Central Bank of the UAE (CBUAE) in July 2023 to interlink their payments infrastructure. This collaboration allowed for the linking of India’s UPI with the Instant Payment Platform (IPP) of the UAE, enhancing cross-border payment capabilities.
Further connectivity initiatives include the launch of RuPay cards and UPI connectivity between India and countries like Mauritius and Sri Lanka. These initiatives enable seamless payments for travellers using UPI apps and QR code-based payment systems at merchant locations. The collaboration between the RBI and Nepal Rastra Bank also paves the way for the linkage of UPI platforms between India and Nepal, facilitating cross-border payments.
The acceptance of UPI payments through QR codes for e-commerce transactions in countries like France and Nepal highlights the increasing global acceptance of Indian payment systems. With tie-ups established with seven countries for UPI payments, India is steadily gaining recognition for its innovative payment solutions on the international stage.
The efforts of the RBI and NPCI International Payments Ltd (NIPL) to expand the global reach of UPI and RuPay are aligned with the vision of creating a more interconnected and accessible financial ecosystem. By fostering collaborations with international partners and central banks, India is paving the way for seamless cross-border transactions and enhanced payment capabilities on a global scale.
Leave a Reply