New Delhi: Commerce Minister Piyush Goyal has unveiled Unified Payments Interface(UPI) at Galeries Lafayette in Nice Massena, France. With this launch France becomes the ninth nation where UPI operates. This development indicates India’s expanding presence in the digital payment arena.
What is UPI?
UPI is a mobile based payments platform. The payments are made using QR code scanning. There is no need for any physical card or cash transaction. According to the IMF, it is the world’s largest real-time payment system. UPI processes almost half of all transactions globally in real time accounting for 49 percent.
Nine nations supporting UPI
UPI is now functional in nine nations covering various geographical areas. These countries include Singapore and Cambodia, UAE, Qatar, France, Nepal, Bhutan, Sri Lanka, Mauritius.
Government plans to expand to more nations
The government plans to expand UPI further to seven or eight other nations. The priority regions will include the Middle East, East Asia and Europe. The goal is to bring UPI to twenty countries within the next eight years up to 2029.
Discussions are on going with several central banks from different nations in Asia, Africa and Europe. Some of these nations include those in Spain, Italy, Germany and Japan.
Why does it matter?
Indians traveling overseas will be able to make transactions using their UPI platform. This is convenient for millions of Indians traveling abroad for leisure or business purposes. This system facilitates the strengthening of economic bonds between India and its allied nations. As Commerce Minister Piyush Goyal said, it shows the growing strength of strategic cooperation between India and France.
How it works
The users will use QR codes to transfer money from their accounts. The transactions will take place in Indian rupees. Some of the partners involved are Lyra Collect and NIPL. In Singapore, it would connect to Paynow for cross-border transfers between India and Singapore.
What next
UPI might launch its service in fifteen nations by 2027. India aims to become an accepted payment system in the world. India positions as one of the leaders in digital payment technology.
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