From Paris to Singapore to Tokyo – India’s UPI is spreading its wings

Sep 4, 2023 Credit: Business insider India

Pay with UPI at Eiffel Tower

The Unified Payments Interface (UPI), India's marquee payment system, is truly going global. Starting this September, Indians will be able to use UPI to pay in France and this will be launched at the iconic Eiffel Tower in Paris. Credit: Business insider India

UPI acceptance on the rise

More than 20 countries have started or are in the process of starting to accept payment via UPI through cross border agreements with India. Credit: Business insider India

Developed markets that accept UPI

With France accepting payments via UPI, many developed countries are now on board. Credit: Business insider India

First country to adopt UPI

In July 2021, Bhutan became the first country to start accepting UPI after NPCI announced a tie up with the Royal Monetary Authority of Bhutan. Credit: Business insider India

UPI in Singapore

Starting February 2021, people living in Singapore and India can instantly transfer money to each other via UPI and PayNow. Credit: Business insider India

UPI in the United Kingdom

On 26 January 2022, UK-based fintech startup Transact365 enabled UPI for global merchants with real time currency conversion facility. Credit: Business insider India

UPI in Japan soon?

As per media reports, Japan is keenly interested in joining hands with India's UPI payment system like Singapore and Thailand. Credit: Business insider India

Ongoing discussions with Russia

India and Russia are engaged in high-level discussions to start the acceptance of UPI payments soon. Credit: Business insider India

UPI for Non-Resident Indians

Non-resident accounts (NRE & NRO) with international mobile numbers are now allowed to be on-boarded and transact using UPI. Highlighted ten countries already permitted. Credit: Business insider India

Ease for inbound travellers from G20 countries

In February 2023, the RBI proposed to permit India-bound foreign travellers to use UPI for retail payments Credit: Business insider India

Primary non-cash transaction via UPI

An RBI report says that UPI accounted for over 70% of India's non-cash transactions last fiscal. A PwC report projects this to hit 90% by FY 2026-27. Credit: Business insider India