Indians can now use the Unified Payments Interface (UPI) to make payments in seven countries. Following its launch in Sri Lanka and Mauritius, UPI payments are accepted in France, UAE, Singapore, Bhutan, and Nepal.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.
The UPI allows immediate money transfer through mobile device round the clock 24/7 and 365 days. It has a single mobile application for accessing different bank accounts. Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment. Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc. It has a QR Code and is the best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount. The UPI allows Merchant Payment with Single Application or In-App Payments. It can be used for Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments and Donations, Collections, Disbursements Scalable. It facilitates complaints from Mobile App directly.
India’s Unified Payment Interface (UPI) services were rolled out in Sri Lanka and Mauritius on 12 February during a virtual ceremony attended by Prime Minister Narendra Modi and the top leadership of the two island nations.
Eiffel Tower is the first merchant to offer UPI payments in France, and the service will soon be extended to other merchants in the tourism and retail space across France and Europe. The announcement was made in Paris at an event organised by the Indian Embassy in France to celebrate India’s Republic Day.
In UAE NPCI International Payments Ltd (NIPL) partnered with Mashreq, one of the leading financial institutions in the UAE, to offer acceptance of UPI in the UAE in August 2021.
Bhutan was the first country to adopt UPI in 2021 and in February 2022, Nepal became the first country to deploy UPI as a payment platform outside India.
Addressing the UPI launch in Sri Lanka and Mauritius, the Indian Prime Minister Narendra Modi said it was a special day for three friendly nations of India, Sri Lanka and Mauritius when their historic connections take the form of modern digital connect. He said that it is proof of the government’s commitment towards the development of the people. The Prime Minister underlined fintech connectivity will further strengthen cross-border transactions and connections. “India’s UPI or United Payments Interface comes in a new role today – Uniting Partners with India”, the Prime Minister emphasized.
The Prime Minister underlined that digital public infrastructure has brought about a revolutionary change in India, where the smallest of vendors in the remotest of villages are transacting via UPI and making digital payments. Speaking about the convenience and speed of UPI transactions, the Prime Minister informed that more than 100 billion transactions took place via UPI last year worth Rs 2 lakh crores or 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees. The Prime Minister also mentioned making last-mile delivery through the GEM Trinity of bank accounts, Aadhar and mobile phones where Rs 34 lakh crores or 400 billion US dollars has been transferred into the bank accounts of beneficiaries. The Prime Minister informed that with CoWin Platform India conducted the world’s biggest vaccination programme. “Use of technology is promoting transparency, reducing corruption and increasing inclusivity in society”, the Prime Minister said.
The Prime Minister stressed that “India’s policy is ‘Neighborhood First’. Our maritime vision is SAGAR i.e. Security and growth for all in the region. India does not see its development separately from its neighbors.”
Referring to the Vision Document that was adopted during the last visit of the Sri Lankan President, the Prime Minister highlighted the strengthening financial connectivity as its key component. With Prime Minister Pravind Jugnauth also, these discussions were conducted as he was the special guest during the G20 Summit.
The Prime Minister expressed the confidence that connection with UPI will benefit Sri Lanka and Mauritius and digital transformation will get a boost, local economies will witness positive change and tourism will be promoted. “I am confident that Indian tourists will give priority to destinations with UPI. People of Indian origin living in Sri Lanka and Mauritius and students studying there will also get special benefits from it”, the Prime Minister added. PM Modi expressed delight that after Nepal, Bhutan, Singapore and UAE in the Gulf in Asia, now from Mauritius RuPay card is being launched in Africa. This will also facilitate the people coming to India from Mauritius. The need to buy hard currency will also reduce. The UPI and RuPay card system will enable real-time, cost-effective and convenient payments in our own currency. In the coming time, we can move towards cross-border remittances i.e. Person to Person (P2P) payment facility, the Prime Minister added.
The Prime Minister underlined that today’s launch symbolizes the success of Global South cooperation. “Our relations are not just about transactions, it is a historical relation”, PM Modi emphasized highlighting the strength of people-to-people relations between the three nations. Drawing attention to India supporting its neighboring friends in the last ten years, the Prime Minister said that India stands up for its friends in every hour of crisis, be it natural disasters, health-related issues, economic or support on the international stage. “India has been the first responder and will continue to be so”, the Prime Minister underlined. PM Modi also highlighted the special attention towards the concerns of the Global South Even during India’s G20 presidency. He mentioned setting up a Social Impact Fund to extend the benefits of India’s digital public infrastructure to countries in the Global South.
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