RBI Expands UPI, RuPay Globally, Focuses On Cross-Border Payments And Digital Currency

The Reserve Bank of India (RBI) is intensifying efforts to give the Unified Payment Interface (UPI) and RuPay a global presence, according to Governor Shaktikanta Das. Speaking at the Global Fintech Fest, Das highlighted initiatives such as deploying UPI-like infrastructure abroad, enabling QR code-based payments at international merchant locations, and interlinking UPI with foreign Fast Payment Systems for cross-border remittances. Significant progress has been made in countries like Bhutan, Nepal, Sri Lanka, Singapore, and France. Additionally, India has integrated UPI with payment systems in France, Oman, and Mauritius, with plans to link UPI with Malaysia’s PayNet and Ghana's payment system by November. Das also emphasized the potential for international cooperation in digital currency, citing successful experiments with the Central Bank Digital Currency (CBDC) and its interoperability with retail payment systems like UPI. The RBI continues to explore new use-cases, including a pilot for wholesale e-rupee to facilitate inter-bank trade.