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Under the umbrella of UPI International, the Indian digital payments and financial technology startup PhonePe has begun offering support for making UPI payments across international borders.
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According to a report from The Bhutan Live, users of these applications can now utilize their Indian bank accounts to make payments at merchant outlets in the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan.
In the past, customers in India were only able to pay with foreign money in the form of cash or a forex card.
The digital payment platform is now the first one in its category to integrate UPI International as a result of this development.
According to PhonePe, customers will now have the ability to make payments in foreign currencies straight from their bank accounts, in a manner that is analogous to that of international debit cards.
UPI International, which was launched by the National Payments Corporation of India’s international payments arm (NPCI International Payments Limited), enables UPI transactions to be completed by members of the Indian diaspora living in other countries.
Over the course of 2023, NPCI intends to expand UPI International’s coverage to more countries.
According to a remark from Rahul Chari, the 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. It is my firm belief that this launch will prove to be a game-changer and will radically redefine the manner in which Indians who go outside of the country pay for goods and services at merchant outlets outside of India.”
According to numbers released by the NPCI in December 2022, PhonePe was responsible for 367.42 billion transactions worth 6.39 trillion rupees. According to The Bhutan Live, these figures were responsible for 47 percent of all UPI transactions and 50 percent of the total value of all transactions in December 2022.
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Recent events take place at a time when there is a growing interest from a global perspective in the payments network operated by the government. Ashwini Vaishnaw, the Union Minister for Electronics and Information Technology, stated that India is already in discussions for UPI with approximately thirty countries.
The Reserve Bank of India recently announced that it has recommended allowing all inbound travelers to India to use UPI for their merchant payments while they are in the country. This move was made in consideration of the widespread adoption of the Unified Payments Interface (UPI) payment system.
The announcement was made by Shaktikanta Das, the governor of the Reserve Bank of India (RBI), as he was 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 G-20 countries arriving at chosen international airports.” “To begin with, this facility will be extended to travelers from G-20 countries,”
The Unified Payments Interface (UPI) has exploded in popularity as a means of making digital retail payments in India, and the country is moving quickly to implement it.