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The sound of UPI is continuously ringing all over the world. Its success is being discussed everywhere. Unified Payments Interface (UPI) has achieved 15,547 crore transactions worth ₹223 lakh crore from January to November this year. This figure clearly shows how much the trend of UPI is increasing. Not only this, there are preparations to bring UPI to some more countries by the year 2025. Currently available in seven countries.

NPCI is continuously trying to spread it across the world. India is working towards introducing UPI in Qatar, Thailand and other countries in South-East Asia. NIPL CEO Ritesh Shikla said that NPCI is working rapidly in India. He hopes that UPI will be launched in three to four more countries next year. If the projects are completed on time, UPI can be started in six countries also.

What are the preparations of NPCI?

UPI is currently present in seven countries. These include Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. 20 apps like BHIM, PhonePe, Paytm and Google Pay support these international transactions. Shukla further said, “We are now focusing on increasing the use of UPI in the countries where it has been launched. “We are working with Indian banks to educate customers about the use of UPI internationally.”

There will be partnership with these countries

UPI is also developing a system like India's real-time payment system in collaboration with countries like Peru, Namibia and Trinidad and Tobago. Shukla said, “We are helping other countries to equip themselves for their domestic payment needs. When these systems are ready, we will try to connect them to India so that cross-border payments can be made between the two countries.”

Equation of P2P and P2M

P2P (Peer-to-Peer) and P2M (Peer-to-Merchant) transactions are to be promoted abroad. It works like UPI in India. NIPL is working on two strategies for P2P transactions. The first is bilateral and the second is multilateral. Multilateral efforts include Project Nexus of BIS (Bank for International Settlements). It is trying to connect the instant payment systems of different countries in collaboration with the central banks of India, Malaysia, Philippines, Singapore and Thailand.