Global Finance Gazette.. UPI INDIA

Revolutionizing Global Transactions: India’s International UPI Service

The Unified Payments Interface (UPI) has been a game-changer within India, facilitating seamless and secure domestic transactions. Now, this innovation is set to transcend borders, promising to revolutionize cross-border payments. Let’s explore the world of India’s international UPI service:

What is it all about?

The international UPI service enables both Indian citizens and Non-Resident Indians (NRIs) to conduct transactions directly from their Indian bank accounts to supported countries. By bypassing intermediary systems like SWIFT, transactions become quicker, cheaper, and more transparent.

Where is it available?

Currently, the international UPI service operates in several countries, including:

– Bhutan
– France (in select locations)
– Mauritius
– Nepal
– Oman
– Singapore (currently in a pilot phase)
– Sri Lanka
– UAE

Furthermore, agreements are underway to extend its reach to Southeast Asian nations, hinting at broader accessibility in the future.

Who stands to benefit?

Various groups stand to gain from this service:

– Indian travelers can effortlessly pay for goods and services in supported countries where UPI is accepted.
– NRIs can send and receive money directly to and from Indian bank accounts, sidestepping hefty international transfer fees.
– Businesses can efficiently receive payments from international clients.

What are the advantages?

The international UPI service offers several benefits:

– Speed: Transactions occur in real-time, contrasting with traditional methods that often entail days of waiting.
– Cost-effectiveness: Users dodge substantial SWIFT charges and currency conversion fees.
– Convenience: Say goodbye to carrying cash or navigating through intricate paperwork.
– Security: Multi-factor authentication ensures transactions are safeguarded.

How does one utilize it?

Here’s a simple guide:

1. Confirm if your bank and UPI app support international transactions.
2. Activate the international UPI service on your app.
3. Choose the recipient’s country and bank (if applicable).
4. Input the amount and authenticate the transaction using your UPI PIN.

The future of global payments?

With its swift, secure, and economical attributes, India’s international UPI service holds significant potential to reshape global payments. As more countries embrace UPI, it could emerge as a prominent player in cross-border transactions, offering a user-friendly and affordable alternative.

Staying updated:

For the latest information and a detailed list of supported countries and merchants, refer to the NPCI International website: https://www.npci.org.in/

Please note that this information is accurate as of February 19, 2024. Given the evolving nature of the service, it’s advisable to check for updates before utilization.