Unified Payments Interface (UPI) is an instant payment system by the National Payments Corporation of India (NPCI). It enables seamless inter-bank, peer-to-peer and person-to-merchant transactions.
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During his recent trip to France, PM Narendra Modi announced that UPI will be implemented in France. Indian tourists will have the ability to use UPI to make payments in rupees, even while enjoying the view from the top of the Eiffel Tower.
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Bhutan became the first country in July 2021 to allow UPI transactions through BHIM App. NPCI partnered with NIPL and RMA to implement BHIM UPI QR-based mobile payments. Following India's G20 Presidency, RBI and NPCI introduced 'UPI One World' in Feb. 2023 for foreign visitors.
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On February 21, 2023, Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS) made a significant announcement, connecting UPI and PayNow to facilitate swift cross-border transactions, empowering seamless financial exchanges between India and Singapore.
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In April 2022, NIPL introduced BHIM UPI at NEOPAY terminals in the UAE, enhancing convenience and safety for Indian travelers. This integration aimed to empower millions by enabling them to make secure payments using BHIM UPI across the UAE's Mashreq bank subsidiary.
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In March 2022, Nepal embraced UPI for digital transactions. NIPL partnered with Gateway Payments Service Pvt Ltd and Manam Infotech Private Limited, authorized payment system operators, to enable real-time P2P and merchant payments through UPI, ensuring interoperability.
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NIPL has partnered with cross-border digital payments provider Liquid Group, enabling QR-based UPI payments across 10 Asian countries: Malaysia, Thailand, Philippines, Vietnam, Singapore, Cambodia, South Korea, Japan, Taiwan, and Hong Kong.
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Oman partnered with NPCI in October 2022 to integrate UPI into its payment system. The NPCI and the Central Bank of Oman (CBO) signed a formal agreement in November to solidify the collaboration.
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UK and India announced a QR code collaboration in August 2022. NIPL partnered with PayXpert to create a seamless payment platform in the UK, enabling UPI-based QR code payments and future integration of RuPay card payments on PayXpert's Android POS devices.
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