India's UPI
service will rule the world..!?
In the past few months, how often have you used or received cheques? Or how many NEFT or RTGS transactions you have done? Anyway, it will be very less compared to your UPI transactions. To that extent, UPI
service in
india has made the life of
indian people very easy. At the same time, it is more special that the UPI
service is going to the countries of the world.. Do you know which countries it is going to..? Till 2016
indian people used to make payments using cheques, DD, NEFT, RTGS, or credit and debit cards. Not only that,
local shops were unable to accept any of these payment methods except cash. This is because credit and debit cards incur high fees.
But after 2016, the National Payments Corporation of
india (NBCI) under the Reserve
bank introduced the Unified Payments Interface or UPI, an instant payment system. Now, the facility to transfer money instantly from one person to another with one click is in the hands of
people from all walks of life through
google Pay, PhonePay, and Paytm.
After such tremendous
success in
india, NPIL, the
international business arm of NPCI, was formed and now NPIL has signed an agreement to expand India's UPI
service to various countries. Do you know which countries it is heading to? In
april 2022, NPIL partnered with the payments
business of Mashreq
bank, one of the leading financial institutions in the UAE, to launch NioPay.
The initiative empowers
indian tourists to conveniently pay using BHIM UPI. In July 2022, BHIM in collaboration with the Royal Monetary Authority of
bhutan (RMA) launched the UPI app and helped provide UPI standards for its QR code.India's UPI will soon be integrated with Singapore's PayNow.
This
service enables instant, low-cost, and convenient cross-border financial transfers. NPCI
international has also entered into a Memorandum of Understanding (MoU) with France's Lira Network to accept UPI.