Unified Payments Interface (UPI) is a digital payment system developed by the National Payments Corporation of India (NPCI) that facilitates interbank transactions instantly. UPI has gained immense popularity in India since its launch in 2016 due to its ease of use, speed, and security. However, as of now, UPI is not accepted in foreign countries as it is a domestic payment system designed for use within India.
That being said, there are efforts underway to make UPI more accessible to international users. In 2020, the NPCI launched an international subsidiary called NPCI International Payments Limited (NIPL) to expand the reach of UPI globally. The subsidiary aims to replicate the success of UPI in India by enabling global acceptance of UPI and other NPCI payment systems.
Indian digital payment systems are available in Singapore, UAE, Oman, Saudi Arabia, Malaysia, France, BENELUX markets – Belgium, the Netherlands and Luxembourg – and Switzerland, among others. It is also understood that India has signed MoUs with 13 countries that want to adopt the UPI interface for digital payments.
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