Tel Aviv, February 26: India and Israel have entered into an agreement for the cross-border use of the Unified Payments Interface (UPI), strengthening digital and financial partnerships between the two nations. This collaboration will integrate UPI with Israel’s domestic payment framework, making digital transactions faster and more cost-effective.
On the second and final day of his visit to Israel, Prime Minister Modi expressed his satisfaction with the agreement, stating, “I am pleased that an agreement for the use of UPI in Israel has been reached.”
The agreement is expected to benefit businesses in both countries by simplifying cross-border payments, thereby reducing transaction costs and settlement times.
Furthermore, the Prime Minister announced the establishment of a partnership in critical and emerging technologies, which will accelerate cooperation in areas such as AI, quantum technologies, and essential minerals. He added, “We will advance our work in civilian nuclear energy and space sectors. Together, we will develop future-ready agricultural solutions and work towards building excellent villages.”
The UPI ecosystem has demonstrated that inclusion and comprehensiveness can go hand in hand, proving that a “public, interoperable model can be better than private networks.”
Currently, UPI is being utilized in over eight countries, including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar.
According to an independent study commissioned by India’s Ministry of Finance, UPI has emerged as the preferred payment method, accounting for 57 percent of total payment transactions in India, surpassing cash transactions at 38 percent. This is primarily due to its ease of use and instant money transfer capabilities. Over 65 percent of UPI users conduct multiple transactions daily on domestic platforms.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
