Soon, you can pay via UPI all over the world

Soon, you can pay via UPI all over the world

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Deal Lieutenant
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Soon, you can pay via UPI all over the world

UPI, an interbank fund transfer mechanism run by the National Payments Corporation of India, will be available for use around the world starting with UAE & Singapore in the next six months. This will be a big boost for Indians traveling in those countries and, just like their debit card or credit card, they can pay via UPI.

This is NPCI’s attempt to create a global payment product that can expand the use case of UPI, the banker said. UPI has emerged as a major challenger to card payments, as more and more merchants accept UPI payments.

The Nandan Nilekani-led committee on Digital Payments formed by the RBI had suggested that NPCI should expand the international footprint of its payment systems like UPI, RuPay and BHIM.

This will not only help in easing international remittances, but also aid Indians traveling abroad, the committee’s report had suggested.

If Indian travellers use UPI abroad, its acceptance as a common payment mechanism will go up in India as well, said one of the sources cited earlier.

The biggest challenge, however, is to onboard merchants in those countries. NPCI will have to rely on banks and merchant aggregators in those geographies to onboard merchants.

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it was recommended by the Nilekani committee long since https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CDDP03062019634B0EEF3F7144C3B65360B280E420AC.PDF

like the Chinese (even outside China) use WeChat for remittances.
UPI can only become scalable if
• the currency conversion protocols are amended and connectivity with global payment solutions is established.
• National Payments Corporation of India licenses UPI specifications and technologies to other cross platform operators around the world
• amendments in Indian regulations related to forex and UPI related laws

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Deal Newbie
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Soon, you can pay via UPI all over the world

So now all fraudsters group all over the world will join hand and try to scam us whenever they are in mood??!! flushed

SATYANASHHHH!!! rolleyes

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dblueknight wrote:

Soon, you can pay via UPI all over the world

So now all fraudsters group all over the world will join hand and try to scam us whenever they are in mood??!! flushed

SATYANASHHHH!!! rolleyes

They will send you money, you just have to accept the payment using UPI pin.

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B3A5T wrote:

They will send you money, you just have to accept the payment using UPI pin.

Yes 😆😆😆

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B3A5T wrote:

They will send you money, you just have to accept the payment using UPI pin.

ok bro…give me your account details and pin…i will accept money on your behalf!! wink laughing laughing

after accepting I will spent the money on your behalf too!! rolleyes

I will post pictures of the purchases here on your behalf only!! grinning

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