Prime Ministers of India Narendra Modi introduced a cross-border linkage between the Unified Payments Interface (UPI) of India with other countries.
Along with other dignitaries, Ravi Menon, and Reserve Bank of India’s Governor, Shaktikanta Das, introduced the cross-border link.
In the last few years, UPI became one of the most popular payment method in India. Reportedly, 74 billion transactions amounting to more than ₹126 trillion were recorded in the country. Experts predict that integrating the two digital payment systems will make cross-border payment convenient, quick, and secure for citizens of both nations.
Akash Sinha, CEO of Cashfree Payments, views the linkage as a crucial development in India’s cross-border initiatives. Additionally, Indians with NRE/NRO accounts living in ten countries, including Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK, and the USA, can make payments through UPI from their international mobile numbers, according to experts.