New Delhi: In a major development for the India’s home based- transaction technology, Unified Payments Interface (UPI) was granted approval in our neighbouring nation Sri Lanka. The move aims at enabling the citizens to access and use he interface to make payments while making purchases of goods and services. It is now the eleventh nation which has now approved the use of UPI.
Earlier, Prime Minister Modi on his visit to France, made a landmark move when India’s UPI got approved in France, which means Indian travellers will now be able to pay using Rupee payments using UPI.
On Friday various agreements along with UPI’s acceptance in the island country, were exchanged between India’s Prime Minister Narendra Modi and Sri Lanka’s President Rani Wickremesinghe in New Delhi
These countries support India’s UPI
At present, countries where India has expanded its network of digital payment systems which includes RuPay, and UPI are UAE, Saudi Arabia, Bahrain, Singapore, Maldives, Bhutan and Oman.
India is emerging as of the fastest-growing fintech ecosystems. Due to the central government’s efforts, the country is being highlighted globally for India’s digital payment infrastructure.
The union government is constantly making sure that the benefits of UPI does not restrict to the country only, but should benefit other counties too.
Considering the growing popularity of the UPI payments system, India’s apex bank, the Reserve Bank of India has allowed all inbound travellers to use UPI for their merchant payments while being in the country.
CIPL setting up alliance to set up RuPAy, UPI
These global collaborations happened as the NIPL (NPCI International Payments Limited) is joining hands with different countries in order to build a huge alliance for accepting India’s digital payment systems- RuPay and UPI.
The alliance will allow Indian travellers to make payments with the help of these channels, throughout their foreign travel.
NIPL came into existence in April 2020 as a wholly owned subsidiary of the National Payments Corporation of India (NPCI), for the deployments of RuPay and UPI outside India.
The facility will also be benefitting the travellers coming from G20 countries at “select international airports.”
On February 8, the RBI governor Shaktikanta Das announced while discussing the matters of the three-day monetary policy committee meeting.
