Why are other Countries showing interest in India’s UPI system such as Japan

With efforts to make cross-border transactions simple, India's digital payment systems like the Unified Payments Interface (UPI) are rapidly gaining popularity on the international stage. This is bringing down the cost of exchanges and fund transfers. For instance, using UPI and PayNow as the peer-to-peer payment systems, Singapore and India will be able to send money to each

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The UPI payments facility will shortly be extended from G20 countries to facilitate merchant payments, among other recent news. Additionally, non-resident Indians (NRIs) in some foreign nations would be permitted to use UPI systems without needing an Indian mobile number other quickly.                                                                                        Under the direction of the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI) introduced UPI in 2016.The RBI, the NPCI, and various banks are among the investors in UPI. 9 billion digital transactions were processed by UPI in the year ending of 2022.

Top countries that have adopted UPI Singapore, UAE, Oman, Saudi Arabia, Malaysia,Bhutan, France, BENELUX markets (Belgium, the Netherlands, and Luxembourg), Switzerland, and other countries Adopted Indian digital payment methods like UPI and/or RuPay.

Global UPI adoption: Partners sign MOUs with NIPL

According to digital minister Kono Taro, Japan sent a team to India following the G7 conference in April to deeply examine the UPI platform. If Japan adopts UPI, Japan will ultimately consider connecting systems, Kono said in an interview. "I was simply expressing to minister (Ashwini) Vaishnav that we have something to learn from India," Kono said. We have dispatched a team to India. Japan is likely to adopt upi systems as a result of this team's research.  When other nations like Singapore or the UAE adopt the UPI payments system, it might be applied for cross-border payments, as Taro noted, it is very convenient. With the aim to make cross-border payments between Indian and Japanese citizens, Japan is serious about adopting India’s UPI Payment System.