UPI will be launched in Singapore & UAE by March 2020, Axis & ICICI will be launching RuPay credit cards soon

UPI will be launched in Singapore and UAE by March 2020, Axis Bank and ICICI Bank will be launching RuPay credit cards soon:

NPCI is planning to take UPI overseas to help those travelling abroad make payments through digital means.

UPI will be launched in Singapore and the United Arab Emirates (UAE) by March 2020 in the first leg and NPCI is already in talks with two more countries where there is a good concentration of expats and a support system for QR codes-based payments mechanism.

Axis Bank and ICICI Bank will be launching RuRay credit cards soon, SBI Card already offers RuPay credit cards.

On reports about tax incentives being planned to push UPI usage, it may take some time as it involves sharing a part of Goods and Services Tax revenue as discounts. NPCI also favoured cashbacks to drive usage.

NPCI has no plans to launch a third version of the UPI platform now, but there will be regular incremental changes such as Permanent Account Number (PAN) verification, which will be available within the next two months.

WhatsApp UPI May Get To Start Payment Service In Two Months, Many think WhatsApp UPI can help India emulate China’s WeChat story, and help achieve the cashless payments objectives.

Small value payments of under Rs 500 will be on UPI, while for the rest, cards will remain the mainstay. Only 5 percent of digital users use scan-based features for payments, while in China it is over 600 million a day, mostly scan-based ones.