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Unique Identification Authority of India (UIDAI) adviser Pramod Varma claimed on Monday that cross-border UPI (unified payment interface) transactions with Singapore and Dubai and a few other countries will happen soon.
Speaking on the sidelines of the first ‘Global Partnership for Financial Inclusion’ meeting of the G20 in Kolkata, Varma said, “UPI with Singapore and Dubai may start this year. It is likely to be announced with France as well. Indians travelling to these countries will be able to use the UPI. A number of countries are in the pipeline where the the system will be extended,” Varma said.
On the challenges involving cross-border UPI transactions, he said, “It is mostly the policy readiness and regulatory matter. It is not technology. Also, there are a lot of companies who charge extra fee for cross-border transactions.”
National Payment Corporation of India (NPCI) managing director and chief executive officer Dilip Asbe said on Monday that India is ready to offer UPI (unified payment interface) technologies and codes free of cost to help countries build digital payment infrastructure.
Asbe said, “We have received intent from 3-4 countries to adopt UPI. We are working out the details. The RBI is supporting us by talking to other regulators.”
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