UPI is Going Global: Payments Now Accepted in 7 Countries

Exciting news on the digital payment front! Well, here it is: the Ministry of Foreign Affairs has astonished everyone by expanding Unified Payment Interface (UPI) services to 7 other international countries. Yes, you heard it correctly! This means that UPI, with its reputation for quick real-time payments, is now expanding to seven countries, making things much more accessible for people like you and me.

International Expansion of UPI Services

Bhutan:

Let’s start with the first update. In Bhutan, the BHIM UPI QR-based payment has been launched. International Payments Ltd collaborated and agreed on terms with Bhutan’s Royal Monetary Authority (RMA).

Oman:

And it gets better! This cool Memorandum of Understanding (MoU) between NPCI, NIPL, and the Central Bank of Oman (CBO) is making waves. They’re all about accepting RuPay cards, enabling cross-border remittances, and strengthening financial connections between India and Oman.

Mauritius:

Now, let us talk about Mauritius. With UPI now in the picture, you can pay locally IN Mauritius, too. If you’re a Mauritian tourist in India, whip out your Instant Payment System (IPS) app for transactions. It’s like a financial exchange program between the two nations!

Sri Lanka:

Are you heading over to Sri Lanka? Well, good news! Now, you can make payments via QR codes at different merchant locations using your UPI mobile app. It’s all about making your travel experience smoother with no.

Nepal:

Even our neighbouring country, Nepal, is getting in on the UPI action! With UPI-enabled mobile banking, it’s a breeze for Nepali users to transfer funds to India, strengthening financial ties between the neighbouring countries.

France:

And guess what? UPI isn’t just limited to Asia. It’s gone global! You can now use UPI even at iconic landmarks like the Eiffel Tower in Paris. Thanks to the collaboration between NIPL and Lyra, Indian visitors can scan QR codes and make payments, adding a touch of convenience to their French adventures.

Southeast Asia:

Hold onto your hats because UPI isn’t stopping there. NIPL has teamed up with Liquid Group to bring QR-based UPI payments to 10 Southeast Asian countries. From Malaysia to Hong Kong, UPI is spreading like wildfire, making transactions smoother than ever.

Functionality of UPI Overseas

Registration: Here’s the deal: register your bank account with a UPI-enabled mobile app to kickstart international payments.

Transactions: Making payments is a breeze – scan QR codes or enter recipient details and transfer amounts, similar to what you do for domestic UPI payments.

Activation: Want to activate international UPI payments? It’s easy! Just tweak your app settings and verify with your UPI PIN.

Making International Payments Using UPI

Making international payments with UPI is just like handling domestic ones. You’ll deal with standard bank fees and foreign exchange rates, but the process is as simple as scanning a QR code, selecting your bank account, and entering your UPI PIN for confirmation.

Conclusion

So, what is the bottom line? The expansion of UPI services to Sri Lanka and Mauritius is game-changing. With its user-friendly design and worldwide reach, UPI is upending the cross-border digital transactions landscape. So, here’s to financial inclusion, economic connectivity, and a future where paying overseas is as simple as saying “UPI, please!” Cheers to that!

Takeaways

• UPI’s growth into Sri Lanka and Mauritius adds to its presence in seven countries, promising increased accessibility for customers like you.
• UPI’s seamless functioning simplifies international payments, whether you’re travelling or doing business abroad.
• Collaboration with many countries and payment platforms improves cross-border financial connections, benefiting individuals and enterprises.

FAQs

1. Can anyone use UPI for international payments?

Yes, as long as you have a UPI-enabled mobile app and a registered bank account, you’re good to go!

2. Are there any additional fees for international UPI payments?

You’ll encounter standard bank fees and foreign exchange rates for international UPI transactions.

3. How secure are international UPI transactions?

UPI transactions, whether domestic or international, are secured with encryption and require verification through your UPI PIN, ensuring that your transactions are safe and secure.