UPI Likely to Expand Further Across Several Countries: RBI Governor
The Unified Payments Interface (UPI) is poised for significant growth on the global stage, according to Reserve Bank of India (RBI) Governor Shaktikanta Das. During a recent visit to the state, Das expressed optimism about UPI’s international prospects, highlighting its existing presence in several countries through QR codes and the integration of fast payment systems.
Global Expansion of UPI
Governor Das emphasized that discussions are ongoing with numerous countries to further expand UPI’s reach. “We expect this to grow further at the global level and internationalize in the future,” Das told reporters on Friday evening. His remarks reflect the growing confidence in UPI as a robust and scalable payment solution that can be adopted worldwide.
Progress in International Adoption
Speaking at an event in Mumbai on Wednesday, Das detailed the progress already made in this direction. UPI has gained traction in countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France. Additionally, RuPay cards and UPI payments have been increasingly accepted in these regions, underscoring the success of India’s digital payment infrastructure on a global scale.
Collaborative Efforts for Future Growth
The expansion of UPI and RuPay’s international presence is a testament to the collaborative efforts between India and other nations. These initiatives are part of a broader strategy to enhance cross-border payment systems and facilitate seamless financial transactions across different countries.
As UPI continues to evolve and gain acceptance worldwide, its role in shaping the future of digital payments will likely become even more prominent. The RBI Governor’s optimistic outlook suggests that India’s digital payment ecosystem is on the brink of becoming a global standard.
Stay tuned for more updates on the international growth of UPI and other developments in the world of digital finance.
