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NIPL and RBI to Extend UPI Services to 20 Countries by 2029

NIPL and RBI to Extend UPI Services to 20 Countries by 2029

The Reserve Bank of India (RBI) and NPCI International Payments Ltd. (NIPL) aim to expand UPI to 20 countries by FY29, aligning with the Viksit Bharat 2047 goals. The initiative starts in 2024-25 and is set to complete by 2028-29, as highlighted in the RBI Annual Report. Efforts include exploring Fast Payment System (FPS) collaborations with regions like the European Union and the South Asian Association for Regional Cooperation (SAARC), along with pursuing multilateral linkages.

RBI’s Payments Vision Document 2025 underscores the global expansion of UPI and RuPay as a key objective. The Reserve Bank is engaging with various central banks to establish collaborative arrangements. In July 2023, an MoU was signed between the RBI and the Central Bank of the UAE (CBUAE) to interlink their payments infrastructure. This agreement entails connecting India’s UPI with UAE’s Instant Payment Platform (IPP), Aani, and linking their respective card switches, RuPay and UAESWITCH.

February 2024 saw the launch of RuPay cards and UPI connectivity between India and Mauritius, enabling cross-border payments for travelers. Indian tourists in Mauritius and Mauritian visitors in India can now use UPI apps for merchant payments. Similarly, UPI connectivity with Sri Lanka was established, allowing Indian travelers to make QR code-based payments in Sri Lanka using UPI apps.

The RBI and Nepal Rastra Bank are exploring the linkage of India's UPI platform with Nepal’s National Payments Interface. In June 2023, NIPL and Nepal Clearing House Ltd. (NCHL) signed an MoU for this purpose. UPI payments via QR code are already accepted for e-commerce payments in France and Nepal. Currently, India has various tie-ups with seven countries facilitating UPI payments.

Additionally, online payment frauds in India have surged over 400%, as per RBI data, prompting measures to enhance security as UPI’s international reach expands.

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NIPL and RBI to Extend UPI Services to 20 Countries by 2029

NIPL and RBI to Extend UPI Services to 20 Countries by 2029

The Reserve Bank of India (RBI) and NPCI International Payments Ltd. (NIPL) aim to expand UPI to 20 countries by FY29, aligning with the Viksit Bharat 2047 goals. The initiative starts in 2024-25 and is set to complete by 2028-29, as highlighted in the RBI Annual Report. Efforts include exploring Fast Payment System (FPS) collaborations with regions like the European Union and the South Asian Association for Regional Cooperation (SAARC), along with pursuing multilateral linkages.

RBI’s Payments Vision Document 2025 underscores the global expansion of UPI and RuPay as a key objective. The Reserve Bank is engaging with various central banks to establish collaborative arrangements. In July 2023, an MoU was signed between the RBI and the Central Bank of the UAE (CBUAE) to interlink their payments infrastructure. This agreement entails connecting India’s UPI with UAE’s Instant Payment Platform (IPP), Aani, and linking their respective card switches, RuPay and UAESWITCH.

February 2024 saw the launch of RuPay cards and UPI connectivity between India and Mauritius, enabling cross-border payments for travelers. Indian tourists in Mauritius and Mauritian visitors in India can now use UPI apps for merchant payments. Similarly, UPI connectivity with Sri Lanka was established, allowing Indian travelers to make QR code-based payments in Sri Lanka using UPI apps.

The RBI and Nepal Rastra Bank are exploring the linkage of India's UPI platform with Nepal’s National Payments Interface. In June 2023, NIPL and Nepal Clearing House Ltd. (NCHL) signed an MoU for this purpose. UPI payments via QR code are already accepted for e-commerce payments in France and Nepal. Currently, India has various tie-ups with seven countries facilitating UPI payments.

Additionally, online payment frauds in India have surged over 400%, as per RBI data, prompting measures to enhance security as UPI’s international reach expands.

 
 
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