UPI to go global, hits 1 billion transactions in October
By MYBRANDBOOK
Good news for Indian visiting abroad, as they can soon pay for products and services using UPI. Not only that, Indians living outside India can also send money back to India using UPI. This way, the Govt. of India and National Payments Corporation of India plan to make UPI a globally accepted payment platform, three years after its launch.
Pilot project for UPI enabled global payments is being carried out in UAE and Singapore, where a lot of Indians visit for tourism purpose. Both UAE and Singapore have already started accepting RuPay as a valid payment tool, and now the Govt. wants to try the same fate with UPI.
Another good news is that the country’s domestic payments platform has also hit a landmark of one billion transactions in October.
The UPI has recently crossed 100 million users, making it making it the fastest adoption of any payments system anywhere in the world.
While all major banks are part of the UPI network and many have proprietary apps, the open architecture of UPI enables any bank account to be accessed from any UPI app.
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