From India to the World: UPI Sparks a Global Revolution in Digital Payments

India's achievements in recent years, particularly in the realm of digital payments, have propelled the country into the global spotlight. The Unified Payments Interface (UPI), known as Bharat's 'Digital Ashwamedha,' has revolutionized the payment landscape in India. Moreover, UPI has gained traction internationally, with countries like Bhutan, Singapore, UAE, Oman, Nepal, Bahrain, France, United Kingdom, and Malaysia adopting the Indian payment system. These global partnerships, facilitated by NIPL, are creating a robust network for UPI and RuPay, allowing Indian travelers to make hassle-free payments abroad. India's success in digital payments has positioned the country as a leader in the global fintech ecosystem.

India's achievements in recent years have been remarkable, with the Unified Payments Interface (UPI) standing out as a major accomplishment. UPI, known as Bharat's 'Digital Ashwamedha,' has revolutionized digital payments in India. Additionally, India has made significant strides in various areas such as mass vaccination, housing initiatives, Aadhaar and banking system integration, access to tap water, pensions, and food security, among others.

The adoption of UPI by other countries is a testament to its success. France, Singapore, UAE, Oman, Bhutan, Nepal, Saudi Arabia, Malaysia, and BENELUX markets are among the countries that have embraced the Indian digital payment system. Europe has also recently joined the growing list of regions accepting India's payment systems.

In February 2023, Union Minister Ashwini Vaishnaw announced that India had signed a memorandum of understanding (MoU) with 13 countries interested in adopting the UPI interface for digital payments. Singapore has already completed its UPI integration.

These global partnerships have materialized through the efforts of the National Payments Corporation of India, International Payments Limited (NIPL), which has been actively collaborating with different countries to establish a robust acceptance network for RuPay and UPI. This network allows Indian travelers to make payments through these channels in their destination countries.

Here is a summary of the countries that have adopted UPI:

• Bhutan: In July 2021, Bhutan became the first country to adopt India's UPI standards for its QR code system. It is the second country after Singapore to have BHIM-UPI acceptance at merchant locations.
• Singapore: In September 2021, Singapore partnered with India's NPCI Monetary Authority and implemented interoperability between UPI and PayNow, Singapore's fast payment system.
• UAE: In November 2021, UAE joined with Network International to enable UPI payments through partnerships with LuLu Financial Holding, Mashreq Bank, and Network International.
• Nepal: In February 2022, Nepal deployed UPI as a payment platform in collaboration with Gateway Payment Services and Manam Infotech, making it the first foreign country to do so.
• Bahrain: Discussions have taken place to establish a payment integration system similar to Indian UPI and Singaporean PayNow linkage.
• France: India and France have reached a mutual agreement to adopt India's UPI payment mechanism, enabling Indian tourists to conveniently make transactions in Indian rupees during their time in France. France joined in with Lyra company in June 2022.
• United Kingdom: NIPL partnered with Worldline, a European payment services facilitator, to expand the acceptance of Indian payment channels across Europe. This partnership enables merchants' Point-of-Sale systems in Europe to accept UPI payments from Indian customers.
• Oman: The MoU signed between the Central Bank of Oman (CBO) and NIPL in October 2022 facilitates the use of Indian RuPay cards and the UPI platform for digital remittances in Oman, benefiting Indian workers and professionals.
• Malaysia: In August 2021, Malaysia adopted UPI in partnership with Merchantrade Asia.

Other countries, including Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, Japan, Netherlands, Belgium, Luxembourg, and Switzerland, have also expressed interest in joining the Indian payments system.

The popularity of UPI in India has been on the rise since its launch in 2016. It has witnessed exponential growth, with billions of online transactions and a substantial share of non-cash transactions in India. The impressive adoption of UPI has positioned India as a leader in digital transactions, surpassing countries like China, the United States, Canada, and the United Kingdom in terms of transaction volume.

Conclusion

India's accomplishments in various sectors, including the success of the Unified Payments Interface (UPI), have garnered international attention. UPI has gained widespread adoption in countries such as Bhutan, Singapore, UAE, Oman, Nepal, Bahrain, France, United Kingdom, Malaysia, and several others. These global partnerships, facilitated by the National Payments Corporation of India, International Payments Limited (NIPL), have expanded the reach of India's digital payment systems. The increasing acceptance of UPI showcases India's leadership in digital transactions and its commitment to providing seamless and secure payment infrastructure.