NPCI International Payments Ltd (NIPL) CEO, Ritesh Shukla, announced that Unified Payments Interface (UPI) is processing 40% of global real-time payments. Speaking at the Matrix Global Summit in Bengaluru, he highlighted the NPCI’s efforts to assist other countries in developing their own payment systems, promoting interoperability, supporting merchant payments during international trips, and enhancing user experiences.
Shukla emphasized the growing interest in creating UPI-like platforms in various countries, particularly due to the Russia-Ukraine crisis. As Russian-issued cards are not operational outside the country, individuals traveling to Russia for business or other purposes face challenges in digital transactions. This has prompted several countries to explore similar systems that offer local data processing and control.
NIPL aims to extend the reach of UPI to the approximately 30 million Indians residing abroad, who collectively remit close to $100 million to India. Shukla cited a World Bank report indicating that cross-border remittance costs globally average 6%, highlighting the need to streamline and enhance the current process with greater transparency, speed, and efficiency.
The cross-border linkage between UPI and Singapore’s PayNow was officially announced in February, facilitated by the Reserve Bank of India’s Governor Shaktikanta Das and the Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon. This collaboration allows Indian and Singaporean users to make cross-border payments using their respective mobile apps.
Although UPI transaction volumes experienced a slight decline of 0.24% to INR 14.07 lakh crore in April 2023 compared to INR 14.10 crore in March, the Indian government continues to push for its global expansion.
In previous endeavors, NIPL collaborated with Gateway Payments Service (GPS) and Manam Infotech to introduce UPI transactions in Nepal. To date, UPI has been adopted by eight countries, including Nepal, Singapore, the UAE, the UK, France, and others, showcasing the widespread recognition and adoption of the payment system.
With UPI’s significant contribution to global real-time payments, the NPCI and NIPL are actively working towards expanding its reach, fostering interoperability, and enhancing the cross-border payment experience for users worldwide.
