UPI is India’s mobile-based payment system that allows customers to make instant payments at any time of the day. By using a Virtual Payment Address (VPA) created by the customer, transactions are easily completed.
Apart from UPI, India and Sri Lanka will also conduct feasibility studies on petroleum line and land bridge connectivity between the countries, as announced by Modi. India has also extended financial assistance worth around $4 billion to Sri Lanka, including lines of credit in 2022, which proved beneficial for the neighboring country during the economic crisis when it needed to purchase food and fuel.
Other countries adopting UPI
During his recent visit to France, PM Modi announced that UPI payments will be accepted in the European country, starting from the iconic Eiffel Tower. This development allows Indian tourists to pay in rupees when visiting the famous landmark.
Singapore has also embraced UPI payments through an agreement between India’s UPI and Singapore’s PayNow. This collaboration facilitates seamless, real-time, and secure cross-border transactions.
The Reserve Bank of India (RBI) and the Central Bank of the UAE have also signed an MoU to integrate their payment and messaging systems. This agreement enables the UAE to incorporate India’s UPI service into its Instant Payments Platform (IPP).
Additionally, the National Payments Corporation of India (NPCI) has engaged in discussions with several nations, including the USA, European countries, and other West Asian countries, to extend UPI services.
UPI figures and other stats in India
According to data from the RBI, UPI accounted for approximately 73% of all non-cash transactions in India in 2022. UPI transactions worth Rs 139.2 trillion were conducted in FY23. A PwC report predicts that daily UPI transactions will reach 1 billion by 2026-2027, representing about 90% of all non-cash transactions.
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