France recently joined the League of countries adopting India’s Unified Payments Interface (UPI) on February 2, 2024, following in the footsteps of Bhutan. This expansion is facilitated by NPCI International Payments Limited (NIPL) and Lyra, a leading French entity specializing in securing e-commerce and proximity payments.
UPI’s Global Footprint Grows
India’s UPI has gained widespread recognition globally, with successful initiatives in Bhutan, UAE, Malaysia, Singapore, and more. Collaborations extend to regions like Europe, Japan, and the US, fostering cross-border transactions. In August 2023, UPI recorded a significant milestone, with 10.5 billion transactions totaling ₹15.7 lakh crore, showcasing remarkable growth in digital payments.
On February 2, 2024, France officially approved the implementation of the Unified Payments Interface (UPI) within its borders. NIPL and Lyra, a renowned French entity specializing in securing e-commerce and proximity payments, jointly declared the adoption of the UPI payment framework in France.
This move aligns with the Indian government’s persistent efforts to promote its digital payment infrastructure for streamlined cross-border transactions, aiming to reduce the expenses associated with fund transfers and remittance payments.
Bhutan took the lead in becoming the first nation, beyond India, to facilitate transactions via the BHIM app using UPI on July 13, 2021.
List of Countries Accepting UPI Payments
Several countries have embraced UPI payments, showcasing the global acceptance of this digital payment system. The list includes Bhutan, UAE, Malaysia, Singapore, Nepal, Oman, Qatar, Russia, France, Sri Lanka, Mauritius, and the United Kingdom. These countries have recognized the efficiency and convenience offered by UPI for financial transactions.
International collaborations have played a crucial role in UPI’s global expansion. Liquid Group, a cross-border digital payment service provider, entered into a memorandum of understanding (MoU) with NIPL in September 2021. This initiative aimed to introduce a UPI-based QR code payment system across multiple countries in Asia, starting in 2022.
NIPL further solidified its international presence by signing an MoU with the Arab Monetary Fund (AMF) on March 8, 2022. This agreement is designed to interlink UPI with the Buna Payment Platform, facilitating seamless cross-border multi-currency transactions in the Arab region.
Future Market for UPI
India’s commitment to fostering international cooperation in digital payments is evident, with discussions initiated for UPI integration with 30 countries as of July 4, 2022. The platform’s remarkable growth is highlighted by the August 2023 data, recording 10.5 billion transactions totaling ₹15.7 lakh crore. The cumulative value of annual transactions in the fiscal year 2023 soared to $1.7 trillion, with a significant portion dedicated to merchant payments.
In conclusion, UPI’s global success reflects India’s pioneering role in digital payments, marking a significant stride towards a more connected and efficient global financial landscape.
Positive takeaway
The global expansion of India’s Unified Payments Interface (UPI) brings a positive shift in the world of digital payments. The increasing number of countries embracing UPI reflects a global acknowledgment of its efficiency and convenience.
Personally, I believe this development not only streamlines financial transactions but also fosters international cooperation, making the future of digital payments more connected and accessible for people worldwide.
The impressive growth in UPI transactions and discussions for integration with more countries showcase a promising trend toward a more efficient and integrated global financial landscape.
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