India’s UPI Expands Globally to Sri Lanka and Mauritius, Totaling Seven Countries

India's UPI Expands Globally to Sri Lanka and Mauritius, Totaling Seven Countries

VoM News Desk | February 12, 2024 | 10:58 PM IST | Technology | Follow on Google News

India’s UPI Expands Globally to Sri Lanka and Mauritius, Totaling Seven Countries

India’s UPI Expands Globally to Sri Lanka and Mauritius, Totaling Seven Countries

India’s Unified Payments Interface (UPI) has expanded its reach globally with launches in Sri Lanka and Mauritius, according to an announcement by MyGovIndia.

With this expansion, Indians can now use UPI for payments in seven countries, including France, UAE, Singapore, Bhutan, and Nepal. The move reflects India’s commitment to extending the reach of its digital payment system internationally.

UPI was officially launched in Sri Lanka and Mauritius, with Prime Minister Narendra Modi emphasizing the connection between historic ties and modern digital technology. The global expansion of UPI aims to strengthen financial ties and facilitate seamless transactions across borders.

Strategic Global Presence of UPI

India has actively showcased UPI on the global stage, including at G20 meetings, providing delegates with real-time transaction experiences.

The formal launch of UPI services in Paris last year marked an important step in promoting the use of the payment system on an international scale. Bhutan was the first country to enable UPI transactions through the BHIM app, reflecting India’s efforts to promote digital payments and financial technology collaborations globally.

Seamless and Secure Financial Transactions

Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system designed to facilitate inter-bank transactions through mobile phones.

It integrates multiple bank accounts into a single mobile application, offering users seamless fund routing, merchant payments, and various banking features.

The global expansion of UPI signifies India’s commitment to fostering international partnerships and strengthening its position in the global digital economy.

VoM News Desk

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