India’s Unified Payments Interface (UPI) is likely to be linked with equivalent networks of United Arab Emirates (UAE), Mauritius and Indonesia soon, experts told CNBC-TV18.com. This comes a week after launch of the cross-border connectivity of real-time digital payment with Singapore's PayNow.
"India's world-class UPI digital payment infrastructure has gone global and will make it easier for Indian users to conduct business abroad. Following Singapore and India’s collaboration, countries such as the UAE, Mauritius, and Indonesia are likely to integrate UPI digital payments with their Instant Payment platforms in the near future, facilitating easy, real-time financial transactions between users from the respective nations," said Mehul Mistry- Global Head- Strategy, Digital Financial Services & Partnership, Wibmo.
As per Mistry, it will soon be possible for the Indian diaspora to scan QR codes across borders and conduct rapid and affordable transactions.
" Exemplifying innovative use of technological advancements to further cross-border commerce, this initiative, along with the anticipated collaborations, will provide the impetus for other nations to connect their local payments infrastructure with India’s UPI platform for collective economic and social growth," he told CNBC-TV18.com.
Last week, India’s UPI was linked with its equivalent network in Singapore called PayNow to enable faster remittances between the two countries. As a result, people in both countries can send money in real time via a QR code or by simply entering the mobile number linked to their bank accounts.
In India, the 24x7 cross-border connectivity project can be utilised by using Google Pay, Paytm and other similar digital payment systems to transfer money. People from Singapore can similarly use their virtual payment to transfer money to India.
In India, only 5-6 banks are a part of this current India-Singapore cross-border payment network. To begin with, the State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances while Axis Bank and DBS India will facilitate inward remittances.
The Reserve Bank of India (RBI) said that for Singapore users, the service will be made available through DBS-Singapore and Liquid Group (a non-bank financial institution).
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