India's UPI service will rule the world..!?

In the past few months, how often have you used or received cheques? Or how many NEFT or RTGS transactions you have done? Anyway, it will be very less compared to your UPI transactions. To that extent, UPI service in india has made the life of indian people very easy. At the same time, it is more special that the UPI service is going to the countries of the world.. Do you know which countries it is going to..? Till 2016 indian people used to make payments using cheques, DD, NEFT, RTGS, or credit and debit cards. Not only that, local shops were unable to accept any of these payment methods except cash. This is because credit and debit cards incur high fees.
But after 2016, the National Payments Corporation of india (NBCI) under the Reserve bank introduced the Unified Payments Interface or UPI, an instant payment system. Now, the facility to transfer money instantly from one person to another with one click is in the hands of people from all walks of life through google Pay, PhonePay, and Paytm.After such tremendous success in india, NPIL, the international business arm of NPCI, was formed and now NPIL has signed an agreement to expand India's UPI service to various countries. Do you know which countries it is heading to? In april 2022, NPIL partnered with the payments business of Mashreq bank, one of the leading financial institutions in the UAE, to launch NioPay. The initiative empowers indian tourists to conveniently pay using BHIM UPI. In July 2022, BHIM in collaboration with the Royal Monetary Authority of bhutan (RMA) launched the UPI app and helped provide UPI standards for its QR code.India's UPI will soon be integrated with Singapore's PayNow. This service enables instant, low-cost, and convenient cross-border financial transfers. NPCI international has also entered into a Memorandum of Understanding (MoU) with France's Lira Network to accept UPI.
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india's UPI service

Sowmiya Sriram

26/08/2022 10:02 PM