Reserve Bank of India (RBI) along with NPCI International Payments Ltd. (NIPL) is working to launch UPI in 20 countries by fiscal year 2029. The possibility of expanding the global footprint of UPI and RuPay is being considered, the RBI’s annual report said.
Keeping in mind the goals of Vikshit Bharat 2047, the Reserve Bank and NPCI International Payments Ltd. (NIPL) is working on implementing UPI in 20 countries starting in 2024-25 and expected to be completed in 2028-29, the report said.
Collaboration with the Fast Payment System (FPS) and multilateral collaboration with countries such as the European Union and the South Asian Association for Regional Cooperation (SAARC) are being considered, the RBI report added.
RBI’s Payment Vision 2025 document describes expanding the global reach of UPI and RuPay cards as one of the key objectives under the internationalization pillar. The central bank is negotiating with central banks around the world to conclude cooperation agreements.
In July 2023, the Central Bank and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) to link the payments infrastructure. Under this MoU, India and the UAE have agreed to connect India’s UPI, an instant payments system, and Aani, the UAE’s instant payments platform (IPP). Both countries have also agreed to link their respective card switches (Overfoot Switch and UAESWITCH).
RuPay card and UPI connectivity between India and Mauritius was launched in February 2024. This connectivity enables Indian travelers to Mauritius to pay merchants in Mauritius through the UPI app. Likewise, Mauritius travelers can now do the same in India using the Mauritius Instant Payment System app.
In February 2024, UPI connectivity was launched between India and Sri Lanka. With this connectivity, Indian travelers can now make QR code-based payments using the UPI app at stores in Sri Lanka.
The Reserve Bank of India and Nepal Restra Bank are also considering linking India’s UPI platform with Nepal’s national payment interface to enable cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) has signed a memorandum of understanding for this purpose.
UPI payments via QR code are already accepted for business payments (e-commerce) in France and Nepal. India has some kind of partnership with seven countries for payments via UPI.
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.