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India’s Unified Payments Interface (UPI) is going global, with the Reserve Bank of India collaborating with countries for cross-border payments.
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Project Nexus, a multilateral initiative, aims to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems.
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UPI transactions crossed 118 billion in 2023, with 12 billion transactions per month, and NPCI is helping other countries set up similar digital infrastructure.
India’s Unified Payments Interface (UPI) is set to go global, with the Reserve Bank of India (RBI) working with several countries to enable cross-border payments. This collaboration aims to bring more efficiency to national and cross-border payment systems. Indians can already make UPI payments in several countries, and the government plans to replace card payments and other corporate channels for international remittances.
The RBI has joined Project Nexus, a multilateral initiative to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems. The platform, expected to go live by 2026, will connect the FPSs of four ASEAN countries and India. This will make retail cross-border payments more efficient, faster, and cost-effective.
UPI transactions have seen significant growth, crossing 118 billion in 2023, with 12 billion transactions per month. NPCI, which runs UPI, is also helping other countries set up similar digital infrastructure, creating goodwill with emerging economies and paving the way for UPI’s global expansion.
