India Expands UPI Reach to East Asian Markets

India is in talks with eight countries, including those in East Asia, to expand the acceptability of Unified Payment Interface (UPI) globally. UPI is currently used in eight countries, enabling seamless cross-border transactions for Indian tourists. The initiative also features in trade negotiations to boost fintech opportunities.

India is actively engaging with eight nations, including several in East Asia, to expand the reach of its Unified Payment Interface (UPI), according to Financial Services Secretary M Nagaraju. Already accepted in countries like Bhutan, Singapore, and the UAE, UPI aims to facilitate Indian tourists' transactions abroad.

Speaking at a conference focused on digital public infrastructure, Nagaraju highlighted the ongoing discussions to make UPI transactions widely accepted in these new markets. The goal is to extend the benefits of India's digital payment network globally.

Furthermore, UPI's inclusion in trade negotiations underlines India's ambition to bolster the domestic fintech industry, leveraging its cost and scale advantages to provide a competitive edge in the international financial landscape.

(With inputs from agencies.)