India’s digital payment systems like the Unified Payments Interface (UPI) is steadily becoming globally attractive amid measures to enable seamless cross-border transactions. This is lowering cost of fund transfers and remittance payments.
The UPI payments facility will soon be extended to inbound foreign travelers from G20 countries for making merchant payments. Further, non-resident Indians (NRIs) in selected international countries would also be allowed to conduct transactions on UPI platforms without requiring an Indian mobile number.
Indian digital payment systems are available in Singapore, UAE, Oman, Saudi Arabia, Malaysia, France, BENELUX markets – Belgium, the Netherlands and Luxembourg – and Switzerland, among others.
These global partnerships have come through as the NIPL (NPCI International Payments Limited) is forging partnerships with different countries to build a huge acceptance network for RuPay and UPI, which will allow Indian travelers to make payments via these channels in their destination country of travel.
India has announced UPI access for NRIs in 10 foreign countries whose Indian bank accounts are linked to foreign mobile numbers as well as foreign travelers coming to India.