UPI Expands Its Reach - Digital Payment Service Now Accessible in Seven Countries
UPI's global expansion marks a milestone in digital payments. From Mauritius to Sri Lanka, it's redefining cross-border transactions, enhancing financial accessibility worldwide.
India's Unified Payments Interface has gone global, reaching seven countries beyond its borders. UPI services were recently launched in Mauritius and Sri Lanka. Prime Minister Narendra Modi and S Jaishankar - External Affairs Minister attended the launch ceremony virtually. This UPI global expansion marks a significant milestone for India's digital payment system.
Bhutan was the first country outside India to embrace UPI in 2021, following an agreement between the National Payments Corporation of India and the Royal Monetary Authority of Bhutan. Over the next three years, UPI spread to six more countries, including Nepal, Singapore, Sri Lanka, United Arab Emirates, France, and Mauritius. significance of UPI becoming available in seven countries
France holds the distinction of being the first European country to adopt UPI, with its launch ceremony taking place at the iconic Eiffel Tower. In the Middle East, the UAE - India's third-largest trading partner, has also welcomed UPI.
The significance of UPI's availability in multiple countries lies in its potential to revolutionize global payment systems on an international scale. By expanding beyond India's borders, UPI opens up new avenues for seamless and secure cross-border transactions, fostering economic growth and facilitating global trade.
What exactly is UPI? It's a mobile-centric payment system developed by India's National Payments Corporation. UPI simplifies digital transactions by allowing users to scan QR codes or send payments using phone numbers. Payments are swiftly deposited into the recipient's bank account. Digital banking has been revolutionized by UPI. It is offering users unparalleled convenience and efficiency in managing their finances.
In India, UPI is accessible through various payment platforms like Google Pay, BHIM, PhonePe, Paytm, Amazon Pay, and BharatPe, making it widely used and convenient for users across the country.
With UPI's global expansion, it's not just a domestic success story anymore. It's becoming a significant player in the international payments landscape, offering its seamless and efficient services to users beyond India's borders.
