UPI is out to conquer the world! It has entered countries like UAE, Singapore, France, and Bhutan.
Keep reading to explore how did UPI manage to reach new heights!
Let me ask you a question.
In the past few months, how many cheques have you issued? Or how many NEFT or RTGS transactions have you done?
We are sure it would be the bare minimum compared to your UPI transactions, right?
When we go to the mall or a local grocery store, we prefer to make payments using Google Pay, PhonePe, or PayTM. Simply put, using Unified Payment Interface or UPI.
This is the sole reason we have seen a surge in the volume of UPI transactions in India.
Until 2016, citizens used to rely on making payments using cheques, demand drafts, NEFT, RTGS, or credit and debit cards. Not just that, local stores would not accept any of these payment modes except cash!
Later, the National Payments Corporation of India (NPCI) came up with an instant real-time payment system named Unified Payments Interface, or UPI.
Since then, our way of making payments has changed. Now, we instantly transfer money from one person to another with just a click!
After achieving such massive success in India, NPCI came up with NPIL, the international arm of NPCI, and expanded it to various countries.
The United Arab Emirates (UAE): NPIL partnered with Mashreq Bank’s payment business, one of the leading financial institutions in the UAE, in April 2022 and introduced NeoPay. This initiative will empower Indian tourists to make payments using BHIM UPI conveniently.
Bhutan: In July 2022, in partnership with the Royal Monetary Authority (RMA) of Bhutan, they adopted UPI standards for its QR code along with the launch of the BHIM UPI app.
Singapore: India’s UPI will soon be linked to Singapore’s PayNow. This will facilitate instant low cost and convenient cross-border fund transfers.
France: NPCI International has also made a Memorandum of Understanding (MoU) with Lyra Network of France to adopt UPI.