India in talks to introduce UPI and RuPay cards in Latin America and Africa

India is actively engaging in discussions with several countries in Latin America and Africa to introduce its renowned Unified Payment Interface (UPI) and RuPay cards on the global stage. A senior government official revealed that these negotiations are spearheaded by the National Payments Corp of India (NPCI), the entity behind the development of UPI and RuPay, in collaboration with the Reserve Bank of India (RBI).

These efforts signify India's strong ambition to establish its payment platforms internationally. The discussions are currently ongoing with high commissions and embassies of these nations and are progressing through various negotiation stages.

In August, it was reported that India was in talks with Namibia, Mozambique, and Kenya, with the aim of forming commercial partnerships to launch UPI in these markets. "We have specific objectives for popularizing and internationalizing RuPay and UPI," the official stated.

Ritesh Shukla, the international chief executive of NPCI, expressed confidence that the number of countries using UPI will double within the next 12-18 months. This initiative aligns with India's vision to promote digital payments and financial inclusion on a global scale.

Furthermore, the RBI is planning to introduce a wholesale central bank digital currency (CBDC) in the interbank borrowing market, particularly in the call money market. This move will enable banks to access short-term liquidity from other financial institutions. The interbank call money market facilitates lending and borrowing of funds at interbank rates among various financial entities, including banks and mutual funds.