New Delhi – The Governor of India’s central bank has stated that there are plans to globalize the Unified Payments Interface (UPI) and RuPay. Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), announced this at the “Global Fintech Fest 2024” held in Mumbai.

Both payment systems have been developed by India, and the country intends to expand them as means for cross-border payments. Governor Das emphasized that the RBI is focused on the internationalization of UPI and RuPay.

Currently, the central bank’s main focus is to develop UPI as an international payment infrastructure. According to Das, the aim is to make QR code-based payments acceptable globally. UPI seeks to connect with other countries’ fast payment systems and facilitate international remittance transactions.

UPI Global has already commenced operations in countries such as Nepal, Bhutan, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France. Additionally, UPI is actively working to form partnerships with several other nations, supported by the National Payments Corporation of India (NPCI) and the RBI.

Developed by NPCI, UPI is a real-time payment system that facilitates interbank transactions via mobile devices. Similarly, RuPay competes with international payment cards like Mastercard and Visa. “The RBI is focused on strengthening electronic transactions, including cross-border payments,” Das said at the fest.

India produces around 2.5 million IT engineers annually, which has contributed to its emergence as a leading global center for information technology. Consequently, India has started making significant strides in electronic innovations. However, there is a need for regulation and guidance for the new electronic developments being fostered in the country.