Introduction to Countries Where You Can Pay Via UPI
In a significant stride towards global financial inclusivity, Indians can now leverage the Unified Payments Interface (UPI) to make seamless transactions in seven countries. This expansion comes on the heels of UPI’s successful launch in Sri Lanka and Mauritius, marking a new era in international digital payments. The move is a testament to the growing popularity and efficiency of UPI, India’s mobile-based fast payment system.
Understanding UPI
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has rapidly gained momentum within India as a preferred method for retail digital payments. The system allows users to make instant, round-the-clock payments using a Virtual Payment Address (VPA). With over 300 banks connected, UPI facilitates seamless financial transactions through third-party application providers (TPAP) such as Google Pay, Amazon Pay, PhonePe, and Paytm, in partnership with banking providers.
Expanding Horizons
The recent international expansion of UPI is a strategic move by the Indian government to extend the benefits of this innovative payment system beyond national borders. The vision is to offer secure, efficient, and user-centric payment methods on a global scale, aligning with the demands of the modern interconnected world.
Countries Where UPI is Now Accepted
1. Sri Lanka and Mauritius:
– UPI services were inaugurated in these countries on 12th February 2022.
– The launch was attended by Prime Minister Narendra Modi and the top leadership of both nations.
2. France:
– Eiffel Tower became the first merchant to accept UPI payments in France.
– The service will soon be extended to other merchants in the tourism and retail sectors across France and Europe.
3. UAE:
– NPCI International Payments Ltd (NIPL) partnered with Mashreq, a leading financial institution in the UAE.
– UPI acceptance in the UAE began in August 2021.
4. Singapore:
– UPI has expanded its reach to Singapore, enabling Indians to make payments seamlessly in this global financial hub.
5. Bhutan:
– Bhutan was the trailblazer, becoming the first country to adopt UPI in 2021.
6. Nepal:
– In February 2022, Nepal made history by being the first country to deploy UPI as a payment platform outside India.
The Future of UPI
The rapid international adoption of UPI highlights its potential to revolutionize global digital payments. As more countries embrace this mobile-based fast payment system, users worldwide can benefit from its speed, convenience, and security.
Mehul Mistry, Global Head – Strategy, Digital Financial Services & Partnerships at Wibmo, a PayU company, emphasizes that UPI’s connectivity with over 300 banks and its integration with third-party applications have been pivotal in its success. This expansion aligns with the urgent need for secure, efficient, and user-centric payment methods on a global scale.
Conclusion
The international acceptance of UPI marks a significant milestone in India’s journey towards becoming a global fintech leader. As UPI continues to break down barriers, its influence is set to reshape the landscape of international digital transactions.
Contributed by Sanal Pillai