UPI: Pramod Varma, a consultant to the Unique Identification Authority of India (UIDAI), asserted on Monday that cross-border UPI (unified payment interface) transactions with Singapore, Dubai, and a few other nations will soon take place.
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UPI with Singapore and Dubai “may start this year”
Varma stated that UPI with Singapore and Dubai “may start this year” while speaking on the sidelines of the G20’s maiden “Global Partnership for Financial Inclusion” summit in Kolkata. The announcement will probably include France as well. Indian travellers will be able to use the UPI in these nations. There are several nations where the system will be expanded in the works, according to Varma.
He stated “It is mostly the policy readiness and regulatory matter. It is not technology. Also, there are a lot of companies who charge extra fee for cross-border transactions.”
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CEO of NPCI States:
Dilip Asbe, managing director and Chief Executive Officer of National Payment Corporation of India (NPCI), stated on Monday that India is prepared to provide UPI (unified payment interface) technologies and codes without charge to assist other countries in developing their digital payment infrastructure.
“We have received intent from 3-4 countries to adopt UPI. We are working out the details. The RBI is supporting us by talking to other regulators.” Asbe stated.
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