India’s UPI Will Now Operate In A New Nation.

India's UPI Will Now Operate In A New Nation.

Sri Lanka is the latest nation to use India’s Unified Payments Interface (UPI) payment system, joining Singapore, the United Arab Emirates, Nepal, Bhutan, and France. An agreement in this regard has been struck by Sri Lankan President Ranil Wickremesinghe and Indian Prime Minister Narendra Modi. Sri Lanka will begin accepting UPI payments throughout the nation in accordance with the agreement. During Wickremesinghe’s two-day visit to India, this agreement was inked.

UPI, an Indian mobile-based payment system, enables clients to send payments instantly throughout the day. This payment service uses a Virtual Payment Address (VPA) that the customer can construct to carry out the transactions.

In addition to UPI, India and Sri Lanka would also conduct feasibility studies on oil pipeline and land bridge connectivity between the nations, Modi stated. In addition, India provided Sri Lanka with financial aid totaling about $4 billion, including lines of credit in 2022. When the surrounding nation was afflicted by the economic crisis, this helped it to buy food and fuel.

UPI adoption in other nations

PM Modi declared that UPI payments would be allowed in France during a recent trip there. France will start implementing the UPI payment system at the Eiffel Tower. Visitors from India will be able to pay in rupees to see the well-known location.

Singapore has also introduced UPI payments, in addition to France. A contract has been reached between Singapore’s PayNow and India’s UPI. Cross-border transactions will be made easier, faster, and more secure thanks to this agreement.

A Memorandum of Understanding (MoU) linking the payment and messaging systems has also been signed by the Central Bank of the UAE and the Reserve Bank of India (RBI). With the aid of this agreement, the UAE will be able to include UPI into its Instant Payments Platform (IPP).

The National Payments Corporation of India (NPCI) has also discussed expanding UPI services with additional countries, including those in the USA, Europe, and other West Asian regions.

UPI data and other statistics for India

According to data from the RBI, UPI was used for over 73% of all non-cash transactions in India in 2022. In FY23, UPI transactions totaling Rs 139.2 trillion were made. By 2026–2027, daily UPI transactions are predicted to exceed 1 billion, according to another PwC report. UPI transactions will comprise nearly 90% of all non-cash transactions, according to the analysis.

India's UPI Will Now Operate In A New Nation.
India’s UPI Will Now Operate In A New Nation.

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