Japan may start accepting India’s UPI system

Share via:

In a significant development, Japan is considering joining the United Payments Interface (UPI) system and fostering cooperation on the digital identity system, according to Japanese Digital Minister Kono Taro in an interview with Wion. The move comes as the National Payments Corporation of India (NPCI) aims to promote UPI services in foreign countries.

Taro emphasized the convenience and interoperability of the UPI system, stating that it could serve as a standard for cross-border payments and enhance cooperation between governments. He also mentioned that the G7 nations are establishing a new framework on cross-border data flow, and Japan hopes that the Indian government will participate in this initiative.

Japan’s interest in joining the UPI system and recognizing digital identities is a testament to the global recognition of India’s Digital India vision. Information Technology Minister Ashwini Vaishnaw expressed gratitude to the Japanese digital minister for embracing Prime Minister Narendra Modi’s extensive vision of Digital India.

India’s UPI has gained significant traction worldwide, with Nepal becoming the first country, apart from India, to adopt the digital payments service in February 2022. The deployment of UPI has also taken place in several Middle Eastern countries, and a cross-border linkage between UPI and Singapore’s PayNow was established earlier this year to facilitate international payments.

The expansion of UPI has prompted leading payment players like PhonePe and Paytm to take measures to capitalize on its growth. PhonePe integrated UPI International into its app, enabling users to make payments in foreign currencies directly from their bank accounts. Paytm also plans to launch its ‘UPI International’ service on its app in the near future, according to a spokesperson from the fintech company.

Despite a slight decline of 0.24% in UPI transaction volume in April 2023 compared to the previous month, UPI remains a dominant force in India’s digital payment ecosystem. PhonePe, Google Pay, and Paytm collectively captured a 94% market share in terms of UPI transactions processed in March 2023, with Paytm processing 128.84 crore transactions worth INR 1.54 lakh crore during the month, as per NPCI data.

Japan’s potential entry into the UPI system signifies the growing prominence of India’s digital payment infrastructure on the global stage, and it opens up new possibilities for cross-border payment collaborations and digital identity recognition between the two countries.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Japan may start accepting India’s UPI system

In a significant development, Japan is considering joining the United Payments Interface (UPI) system and fostering cooperation on the digital identity system, according to Japanese Digital Minister Kono Taro in an interview with Wion. The move comes as the National Payments Corporation of India (NPCI) aims to promote UPI services in foreign countries.

Taro emphasized the convenience and interoperability of the UPI system, stating that it could serve as a standard for cross-border payments and enhance cooperation between governments. He also mentioned that the G7 nations are establishing a new framework on cross-border data flow, and Japan hopes that the Indian government will participate in this initiative.

Japan’s interest in joining the UPI system and recognizing digital identities is a testament to the global recognition of India’s Digital India vision. Information Technology Minister Ashwini Vaishnaw expressed gratitude to the Japanese digital minister for embracing Prime Minister Narendra Modi’s extensive vision of Digital India.

India’s UPI has gained significant traction worldwide, with Nepal becoming the first country, apart from India, to adopt the digital payments service in February 2022. The deployment of UPI has also taken place in several Middle Eastern countries, and a cross-border linkage between UPI and Singapore’s PayNow was established earlier this year to facilitate international payments.

The expansion of UPI has prompted leading payment players like PhonePe and Paytm to take measures to capitalize on its growth. PhonePe integrated UPI International into its app, enabling users to make payments in foreign currencies directly from their bank accounts. Paytm also plans to launch its ‘UPI International’ service on its app in the near future, according to a spokesperson from the fintech company.

Despite a slight decline of 0.24% in UPI transaction volume in April 2023 compared to the previous month, UPI remains a dominant force in India’s digital payment ecosystem. PhonePe, Google Pay, and Paytm collectively captured a 94% market share in terms of UPI transactions processed in March 2023, with Paytm processing 128.84 crore transactions worth INR 1.54 lakh crore during the month, as per NPCI data.

Japan’s potential entry into the UPI system signifies the growing prominence of India’s digital payment infrastructure on the global stage, and it opens up new possibilities for cross-border payment collaborations and digital identity recognition between the two countries.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Fashion Entrepreneur Fund Ropes In Times Group Veteran Deepak...

SUMMARY Fashion Entrepreneur Fund has roped in Worldwide Media’s...

Riding On Festive Season, ONDC Logs 14 Mn Transactions...

SUMMARY State-owned Open Network for Digital Commerce (ONDC) reportedly...

Elderly care startup WeCare gains traction with 230 families

WeCare offers a communication and monitoring platform that...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!