RBI Plans to Introduce UPI Globally in 20 Countries by 2029

Mumbai, Jun 3 (KNN) The Reserve Bank of India (RBI) and NPCI International Payments Ltd. (NIPL) have unveiled ambitious plans to take India's Unified Payments Interface (UPI) to 20 countries by the fiscal year 2028-29.

According to the RBI's annual report, initiatives will be undertaken over the next few years to significantly increase the global reach and adoption of UPI and RuPay cards as part of the "Viksit Bharat 2047" vision.

"The Reserve Bank, along with NIPL, will work towards taking UPI to 20 countries with an initiation timeline of 2024-25 and completion timeline of 2028-29," the report stated.

Currently, UPI QR code-based merchant payments are accepted in just two countries - France and Nepal. However, India has payment agreements enabling UPI use in seven other nations as well.

The report outlined plans to explore collaboration on fast payment systems with groups like the European Union, SAARC countries, and establish multilateral linkages.

RBI is also in discussions with various central banks on cooperative payment arrangements.

The global rollout of UPI and RuPay cards is a key objective in the RBI's Payments Vision 2025 document.

Recent months have seen UPI connectivity launched between India and Mauritius as well as Sri Lanka to facilitate QR payments for travellers.

As digital payments grow, the RBI is evaluating new authentication solutions beyond SMS-based OTPs to enhance security and reduce friction.

(KNN Bureau)