Unified Payments Interface (UPI) is an Indian mobile payment system that allows customers to make instant payments using a virtual payment address (VPA). The system has become very popular in India, and the Indian government has decided to expand its use internationally. Now, India offers the opportunity to use UPI in seven countries: Sri Lanka, Mauritius, France, the United Arab Emirates, Singapore, Bhutan, and Nepal.
UPI enables payments through over 300 banks and is available in popular apps such as Google Pay, Amazon Pay, PhonePe, and Paytm. This solution ensures seamless financial transactions 24/7.
The introduction of UPI in Sri Lanka and Mauritius took place during a virtual ceremony attended by the Indian Prime Minister, Narendra Modi, and the top leaders of both countries. India also plans to expand UPI to other countries, starting with France. The Eiffel Tower is the first location where UPI payments can be made in France, and soon the service will be extended to other places in the tourism and commerce sectors.
In August 2021, NPCI International Payments Ltd (NIPL) partnered with Mashreq, a leading financial institution in the UAE, to enable UPI payment acceptance in the UAE. UPI has also become available in Singapore, Bhutan, and Nepal.
The expansion of UPI beyond India’s borders is driven by the growing need for secure, efficient, and user-friendly payment methods. It is another step in solidifying India’s position as a leader in the fintech industry.
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The source of the article is from the blog mivalle.net.ar