Quick Summary
Various steps have been taken by Reserve Bank of India (RBI) to expand the reach of UPI outside India. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. The steps are given below:-
- NPCI International Payments Limited (NIPL), a wholly owned subsidiary of National Payments Corporation of India (NPCI) is devoted for internationalisation of UPI. NIPL has undertaken various initiatives across nations to enable cross-border acceptance of BHIM UPI QR at merchant establishment. These partnerships will facilitate Indian travellers to make payments using the BHIM UPI QR for all their retail purchases at international merchant establishments.
- Currently, BHIM UPI QR has gained acceptance in Singapore (March, 2020), Bhutan (July, 2021) and recently with partners in UAE and Nepal (February, 2022). However, travel restrictions owing to the pandemic over the last two years have impacted overseas use of this facility.
- In this regard, RBI has been facilitating engagements for the expansion of UPI in countries which have potential for collaboration. Various models of engagements being explored are as follows:
- Central Bank to Central Bank cooperation through an agreement or MoU;
- Central Bank facilitated discussion and agreement between the network and the Central Bank / Government Agency; and
- Network to network arrangement.
Further, the performance of UPI123Pay launched in March 2022 is as follows:
|
March 2022* |
|
|
Users on-boarded |
37,096 |
|
Balance check |
31,473 |
|
Successful transactions |
21,833 |
|
Successful transactions value (Rs. In lacs) |
79.15 |
Source: RBI
*data is as on 21.03.2022
FAQ :
More than 37,000 users had joined UPI123Pay as of 21st March 2022.
UPI123Pay was launched in March 2022.
NIPL is a subsidiary of NPCI dedicated to the internationalisation of UPI and enabling cross-border acceptance.
BHIM UPI QR is currently accepted in Singapore, Bhutan, the UAE, and Nepal.
As of 21st March 2022, there were 21,833 successful transactions with a value of Rs. 79.15 lacs.
The RBI is exploring Central Bank to Central Bank cooperation, Central Bank facilitated agreements, and network to network arrangements.
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