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Under the umbrella of UPI International, PhonePe, the Indian digital payments and fintech startup, has started offering support for making UPI payments across international borders.
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According to a report by The Bhutan Live, users of these apps can now use their Indian bank accounts to make payments at merchants in the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan.
In the past, customers in India could only pay with foreign cash or a forex card.
The digital payment platform is now the first in its category to integrate UPI International as a result of this development.
According to PhonePe, customers will now have the ability to make foreign currency payments directly from their bank accounts, similar to international debit cards.
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UPI International, which was launched by the international payments division of the National Payments Corporation of India (NPCI International Payments Limited), enables members of the Indian diaspora living in other countries to complete UPI transactions.
Over the course of 2023, NPCI intends to expand UPI International’s coverage to more countries.
According to a comment from Rahul Chari, CTO and co-founder of PhonePe, his statement is as follows: “The establishment of UPI International was the first significant step in giving people in other parts of the world the opportunity to experience UPI. I strongly believe that this launch will prove to be a game changer and will radically redefine the way Indians leaving the country pay for goods and services at outlets outside of India.”
According to figures released by the NPCI in December 2022, PhonePe was responsible for 367.42 billion transactions worth Rs 6.39 trillion. According to The Bhutan Live, these figures were responsible for 47% of all UPI transactions and 50% of the total value of all transactions in December 2022.
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The recent events take place at a time when there is increasing interest from a global perspective in the government-operated payment network. Ashwini Vaishnaw, the Union Minister for Electronics and Information Technology, stated that India is already in talks for UPI with approximately thirty countries.
The Reserve Bank of India recently announced that it has recommended allowing all incoming travelers to India to use UPI for their business payments while in the country. This move was taken into consideration of the widespread adoption of the Unified Payments Interface (UPI) payment system.
The announcement was made by Shaktikanta Das, Governor of the Reserve Bank of India (RBI), while discussing the results of the recent three-day meeting of the monetary policy committee.
According to Das, “this facility will be offered to travelers from the G-20 countries arriving at the chosen international airports.” “For starters, this facility will be extended to travelers from G-20 countries,”
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The Unified Payments Interface (UPI) has become very popular as a means of making digital retail payments in India, and the country is moving quickly to implement it.
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Categories: Technology
Source: vtt.edu.vn