Highlights

  • As per reports, after Singapore UPI likely to extend to UAE, Mauritius, Indonesia
  • Other countries including Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE, and U.K, will also be integrated with UPI going forward

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After Singapore, India to expand its UPI with these countries

Singapore is the first country with which a cross-border Person-to-Person (P2P) payment facility was launched on 21st February 

Week after India took its UPI to the global level for the first time and launched an intigration between India’s UPI and Singapore’s PayNow, as per a Mint report, India's UPI likely to extend to UAE, Mauritius, Indonesia.

According to Mehul Mistry- Global Head- Strategy, Digital Financial Services & Partnership, Wibmo - A PayU Company, it is a matter of pride that India's world-class UPI digital payment infrastructure has gone global and will make it easier for Indian users to conduct business abroad. Other nations like the UAE, Mauritius, and Indonesia will likely follow suit.

Singapore is the first country with which a cross-border Person-to-Person (P2P) payment facility has been launched.

PM Modi, after the launch of the cross-border connectivity between the UPI and PayNow of Singapore, said that about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022.

Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video conferencing.

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