UPI Goes Global

 Unified Payments Interface (UPI) has been a game-changer for digital payments in India since its launch in 2016. Now, the popular payment system is set to go global, with the National Payments Corporation of India (NPCI) announcing plans to take UPI to other countries.

UPI is a real-time payment system that allows users to transfer money between bank accounts instantly, using a mobile device. The system is interoperable, which means that users can transfer money between banks that are connected to UPI, regardless of the bank they use.

Since its launch, UPI has seen tremendous growth in India, with over 2 billion transactions and over $55 billion in value in February 2021 alone. UPI has become the preferred payment method for millions of Indians, thanks to its ease of use, security, and convenience.

Now, the NPCI has set its sights on taking UPI to other countries, with plans to launch UPI-based payments in the United Arab Emirates (UAE) and Singapore. The move is part of the NPCI's efforts to promote the use of UPI as a global payment system, and to tap into the growing demand for digital payments in other countries.

In the UAE, the NPCI has partnered with the UAE-based fintech firm Network International to launch a UPI-based payment system, which will enable Indian expatriates to send money back home instantly and securely. The system is expected to be launched by the end of 2021.

Similarly, in Singapore, the NPCI is working with the government and the Monetary Authority of Singapore to launch a UPI-based payment system, which will enable Singaporeans to make payments using UPI. The system is expected to be launched in the second half of 2021.

The move to take UPI global is a significant step for India's digital payments ecosystem and a testament to the success of UPI. With its ease of use, security, and interoperability, UPI has the potential to revolutionize the way people make payments not just in India, but around the world. The NPCI's efforts to promote UPI as a global payment system are a welcome development, and could pave the way for other countries to adopt UPI and other digital payment systems in the future.