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The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi's increasing bilateral economic ties with the two countries

UPI payment services launched in Sri Lanka, Mauritius

<h2>The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi's increasing bilateral economic ties with the two countries</h2>

India's Unified Payment Interface (UPI) services were on Monday rolled out in Sri Lanka and Mauritius, with Prime Minister Narendra Modi describing it as linking historic ties with modern digital technology.
India's RuPay card services were also launched in Mauritius at a virtual ceremony attended by Prime Minister Modi, his Mauritian counterpart Pravind Jugnauth and Sri Lankan President Ranil Wickremesinghe.
In his remarks, Modi hoped the new fintech services would help the two nations and said the UPI is implementing "new responsibilities of uniting partners with India".
"Today is a special day for the three friendly countries of the Indian Ocean Region as we are linking our historic ties with modern digital technology," he said.
"I believe that Sri Lanka and Mauritius will benefit from the UPI system," Modi said.
The prime minister said digital public infrastructure has brought about a revolutionary change in India. He also highlighted India's focus on its "neighbourhood first policy".
"Be it a natural disaster, health-related, economic or supporting on the international stage, India has been the first responder, and will continue to be so," he said.
The launch of the Indian services in Sri Lanka and Mauritius came amid New Delhi's increasing bilateral economic ties with the two countries.
The move enables the availability of UPI settlement services for Indian nationals travelling to Sri Lanka and Mauritius as well as for Mauritian nationals travelling to India.
Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online.&nbsp;

The partnership between NPCI and Google pay is expected to accelerate UPI’s global acceptance, giving foreign merchants access to Indian customers who will no longer have to rely solely on foreign currency or credit/forex cards for digital payments

Good news for Indian tourists! UPI payments via google pay to go global soon

<h2>The partnership between NPCI and Google pay is expected to accelerate UPI&rsquo;s global acceptance, giving foreign merchants access to Indian customers who will no longer have to rely solely on foreign currency or credit/forex cards for digital payments</h2>

In a bid to make financial transactions outside India easier, Google India Digital Services and NPCI International Payments Ltd (NIPL) have signed a Memorandum of Understanding to extend the UPI transactions globally.
<h3>UPI to go global</h3>
The MOU has three important objectives. They include broadening of UPI payments for travelers outside India to facilitate convenient transactions abroad, to assist in establishing UPI like digital payment systems in other countries and to simplify the process of remittances between countries by leveraging the UPI infrastructure.
Also Read: <a href="https://www.editorji.com/business-news/economy/upi-transactions-in-india-soar-highest-ever-transactions-seen-in-december-2023-1704201157198">UPI transactions in India soar: Highest ever transactions seen in December 2023</a>
As per Business Today, this initiative will accelerate UPI&rsquo;s global acceptance, giving foreign merchants access to Indian customers who will no longer have to rely solely on foreign currency or credit/forex cards for digital payments. They will now have the option of using UPI-powered apps from India, including Google Pay
Deeksha Kaushal, Director, Partnerships, Google Pay India said that this partnership will strengthen the commitment towards making payments simple, safe, and convenient.
&ldquo;We are delighted to support NIPL towards expanding the reach of UPI to international markets. Google Pay has been a proud and willing collaborator to NPCI and the financial ecosystem, under the regulator&rsquo;s guidance, and this collaboration is another step towards our commitment to making payments simple, safe and convenient. UPI has demonstrated to the world the step change that happens in economies with the introduction of interoperable, population scale digital infrastructure and each economy that joins such networks will create impact beyond the sum of parts. We are very excited about the scope of this collaboration&rdquo;, Kaushal said.
Meanwhile, NPCI CEO Ritesh Shukla mentioned that this collaboration will allow the firm to extend their knowledge and expertise of operating a successful digital payments ecosystem to other countries.

Sri Lanka follows France in accepting India's Unified Payments Interface technology. UPI gains international traction as more countries embrace its seamless, fast payment system

Sri Lanka accepts India's UPI after France, boosting global acceptance of fast payments

Sri Lanka follows France in accepting India's Unified Payments Interface technology. UPI gains international traction as more countries embrace its seamless, fast payment system

Following France's lead, Sri Lanka has now accepted India's Unified Payments Interface (UPI) technology, marking a significant step in the international acceptance of this innovative payment system.
The occasion took place during the meeting between Indian Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe in the national capital.
UPI has gained immense popularity in India as a mobile-based fast payment system for retail digital transactions. Its success has spurred interest from countries around the world, and previously, France, UAE, and Singapore had already formed partnerships with India to explore emerging fintech and payment solutions.
The UPI system enables customers to conduct instant, round-the-clock payments using a Virtual Payment Address (VPA) they create themselves. This seamless process has attracted attention from various nations seeking to enhance their own payment infrastructure.
Earlier this year, India and Singapore entered into an agreement to link their payment systems, allowing users in both countries to engage in cross-border transactions.
This collaboration enabled real-time money transfers via QR-code based transactions or by entering mobile numbers associated with the relevant bank accounts.
Following this, France also joined the growing list of nations leveraging UPI for their payments. The famous Eiffel Tower became the starting point for this integration, further emphasizing the global appeal and recognition of India's UPI technology.
Moreover, an essential Memorandum of Understanding (MoU) was exchanged between the Reserve Bank of India (RBI) and the Central Bank of the UAE.
This MoU will pave the way for integrating India's UPI with the Instant Payments Platform (IPP) of the UAE, facilitating seamless cross-border transactions between the two nations.
&nbsp;

UPI expanding globally, payment system is set to launch in France within 3-4 months. Indian tourists can pay in rupees for attractions

UPI payment to go live in France in 3-4 months

UPI expanding globally, payment system is set to launch in France within 3-4 months. Indian tourists can pay in rupees for attractions

France is set to join the list of countries adopting India's Unified Payments Interface (UPI) in the next three to four months, according to Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL).
Prime Minister Narendra Modi announced the UPI agreement during his visit to France, solidifying the partnership between the two nations.
Speaking about the upcoming UPI operations in France, Shukla stated that they are working diligently to ensure readiness on both sides, collaborating with Indian banks and French merchants.
He further emphasized that the anticipated timeline for the system to go live is approximately three to four months, demonstrating their commitment to making it a reality.
France is the first nation in Europe to accept UPI payments, allowing Indian tourists to conveniently make rupee payments using UPI without the need for physical currency.
This development follows the bilateral agreement reached between the two countries to leverage India's mobile-based payment system.
Shukla also highlighted that UPI-powered applications are already functional in Singapore, Bhutan, and the United Arab Emirates, showcasing the success and expansion of the system.
Additionally, NPCI is actively collaborating with several other countries to introduce UPI operations, with plans to go live in two to three additional nations within the next few months.

To start with, the RBI said, the facility is available to travellers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi) 

Travellers from G-20 nations can avail UPI facility at 3 airports

To start with, the RBI said, the facility is available to travellers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi)&nbsp;

The RBI on Tuesday said travellers from G-20 countries arriving at Bengaluru, Mumbai and New Delhi international airports can get Prepaid Payment Instruments wallets linked to UPI for making payments to over five crore merchant outlets across India.
Earlier this month, the Reserve Bank made an announcement regarding allowing access to UPI to foreign nationals and NRIs visiting India.
To start with, the RBI said, the facility is available to travellers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi).
Eligible travellers would be issued Prepaid Payment Instruments (PPI) wallets linked to UPI for making payments at merchant outlets.
"Delegates from G20 countries can also avail of this facility at various meeting venues," the RBI said.
Initially, ICICI Bank, IDFC First Bank and two non-bank PPI issuers, Pine Labs Private Limited and Transcorp International Limited will issue UPI-linked wallets.
"Travellers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments," the RBI said.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).
Payment transactions through UPI rose 1.3 per cent on-month to a high of nearly Rs 13 lakh crore in January.

The facility was launched through token transactions by Reserve Bank of India Governor, Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage 

India’s UPI and Singapore’s PayNow integration launched, here you all need to know

The facility was launched with token transactions by Reserve Bank of India Governor, Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage&nbsp;

In the first step towards expanding the reach of the UPI, India and Singapore have integrated their online payments system. Unified Payments Interface (UPI) of India and PayNow of Singapore are now connected for seamless cross-border transactions between the two countries.&nbsp; Beginning now, residents of both India and Singapore will be able to transfer money to each other instantly using UPI and Singapore's PayNow.&nbsp; For the launch of this facitiliy, token transactions using the UPI-PayNow linkage, were made&nbsp; by RBI Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore, Ravi Menon. PM Modi and Singapore Prime Minister attended the launch event virtually.&nbsp;&nbsp;
How is it going to help? Cross border transactions are usually expensive. Now, with this linkage, users from both countries will be able to transfer money faster and in a much more cost-efficient manner. The RBI said that the linkage will be a significant milestone in the development of next-generation infrastructure for cross-border payments between India and Singapore. It will also closely align with the G20's financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments. 
Other countries including Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, United Arab Emirates, and the United Kingdom, will also be integrated with the UPI going forward.&nbsp;

The Reserve Bank allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country

Travellers from G20 nations can use UPI for payments in India: RBI

The Reserve Bank has allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country

The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country.
Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries.
UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing &amp; merchant payments into one hood.
"UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country," RBI Governor Shaktikanta Das said while unveiling the latest monetary policy.
To begin with, the facility will be extended to travellers from G20 countries arriving at select international airports, he said.
India has assumed the presidency of G20 for one year from December 1, 2022 to 30 November, 2023.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

Indians living in certain countries who have an NRE / NRO account, will soon be able to make UPI payments. 

Indians living abroad can soon make UPI payments 

The NPCI (National payments corporation of India) has now allowed Indians living in as many as 10 countries to get onto the UPI platform. 

Indians living abroad can make UPI payments 

Indians living in certain countries who have an NRE / NRO account, will soon be able to make UPI payments.&nbsp;

If you're an Indian living abroad, you will soon be able to use the UPI payments system to make transactions. The NPCI (National payments corporation of India) has now allowed Indians living in as many as 10 countries to get onto the UPI platform.&nbsp;
To begin with, Indians living in Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE, and UK will be able to transact using UPI.&nbsp;
However, the member banks will have to ensure that these accounts strictly adhere to FEMA rules and any guidelines that may be issued by the RBI.&nbsp;
NPCI has asked all the member banks to ensure that this is implemented by the 30th of April.&nbsp;
&nbsp;

If you've forgotten your debit card at home when you're out and wondering how to withdraw cash, then this new policy change is fo you!
The Reserve Bank of India (RBI), in its one of the key decisions in Monetary Policy Committee (MPC) has proposed to make cardless cash withdrawal facility available at all ATMs, through the Unified Payment Interface (UPI). 
Here's how you can withdraw cash without your card-To withdraw cash without a card, you will need a UPI ID, The transactions will be authenticated via UPI.
-Once you enter the ATM, you will have to choose the “Cashless Withdrawal” option on the screen.
-The ATM screen will then show a QR code that needs to be scanned within a UPI app.
-Then the user will enter the UPI pin and the cash will pop out of the ATM machine
As per experts, this system will curb ATM frauds as it uses mobile PIN to generate cash. However, not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank. 

Explained: how to withdraw cash at ATM without a card

This cardless facility will curb ATM frauds but as of now not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank. 

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The cardholder mostly has to use a mobile banking app and raise a request to withdraw cash at the ATMs if they do not possess their debit cards.

In a bid to go truly digital, the Reserve Bank of India (RBI) announced that cardless cash withdrawal facility will be available at all ATMs&nbsp;soon. So how exactly will cash withdrawal without card work? It all routed back to the UPI&nbsp; Also read/watch |&nbsp;<a title="Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets" href="https://www.editorji.com/business-news/elon-musk-decides-not-to-join-twitter-board-ceo-parag-agrawal-tweets-1649649073820">Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets</a> &nbsp;
Here's how you can&nbsp;withdraw cash without your card
<ul>
<li>To withdraw cash without a card, you will need a UPI ID, The transactions will be authenticated via UPI.</li>
<li>Once you enter the ATM, you can choose the &ldquo;Cashless Withdrawal&rdquo; option on the screen.</li>
<li>The ATM screen will then show a QR code that needs to be scanned within a UPI app.</li>
<li>Then the user will enter the UPI pin and the cash will be dispensed from&nbsp;the ATM machine</li>
</ul>
Cardless cash withdrawal will curb ATM frauds but as of now not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs&nbsp;10,000 to Rs 25,000, as per the facilities offered by the particular bank.&nbsp;

Major UPI players such as BHIM, PhonePe, Amazon are making our lives easier after RBI's new rule for auto-debit facility kicks in 
With the RBI&rsquo;s new auto-debit rule on AFA has been made applicable since 1 October, here&rsquo;s an explanation of the process of setting up an e-mandate in the UPI app to maximise the benefits of using autopay option.

A UPI-enabled application would have a &lsquo;Mandate&rsquo; section, through which customers can create, modify, pause as well as revoke auto-debit mandate.
Customers can set mandates for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly time periods.
Customers will be required to authenticate their account through UPI PIN one-time and subsequent monthly payments would be debited automatically
Next users should add name of the merchant and select auto debit date and then finally click on &lsquo;Proceed&rsquo;.


New auto-debit rule causing chaos? UPI to the rescue for all your auto-debit woes 

Users can set up an e-mandate using UPI Autopay for recurring payments: 

How to setup UPI autopay for your recurring payments, check here

The Reserve Bank of India's on Additional Factor of Authentication (AFA) coming into effect from October 1.

With the RBI's&nbsp;new norms kicking in from October 1, customer had to redesign the way they made regular payments. But giving a big relief is the&nbsp;UPI&nbsp;system&nbsp;which are now providing&nbsp;Auto-Pay facility as well for payments upto&nbsp;Rs 5000 after which a UPI&nbsp;Pin will be required to.&nbsp; As per details shared by the National Payments Corporation of India (NPCI), here's a step-by-step guide on how to setup BHIM UPI Auto-Pay facility to make recurring payments-
<ul>
<li>A UPI-enabled application would have a &lsquo;Mandate&rsquo; section, through which customers can create, modify, pause as well as revoke auto-debit mandate.</li>
<li>Customers can set mandates for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly time periods.</li>
<li>Customers will be required to authenticate their account through UPI PIN one-time and subsequent monthly payments would be debited automatically</li>
<li>Next users should add name of the merchant and select auto debit date and then finally click on &lsquo;Proceed&rsquo;.</li>
</ul>
Under the facility, the users of this UPI app will be able make recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance premium, school fee, mutual funds/SIPs &nbsp;etc. Most major banks, merchants, aggregators are live with the UPI&nbsp;Auto-Pay Facility.&nbsp;

Digital India movement has shrunk the digital gap in India says Nivruti Rai&nbsp;Country Head of&nbsp;Intel India, as national level platforms like UPI, Aadhar&nbsp;continue to&nbsp;democratize&nbsp;digital usage across the nation.

On Biz Buzz | Intel India Chief Exclusive, how UPI, Digital India is shrinking the digital gap

Digital India movement has shrunk the digital gap in India says Nivruti Rai&nbsp;Country Head of&nbsp;Intel India, as national level platforms like UPI, Aadhar&nbsp;continue to&nbsp;democratize&nbsp;digital usage across the nation.

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