UPI Will Go Global: Pay Via UPI While Visiting Other Countries; Send Money To India Using UPI!
Govt. of India and NPCI or National Payments Corporation of India has some robust, and solid plans for UPI.
Very soon, Indians visiting abroad can pay for products and services using UPI, and Indian living outside India can send money back to India, using UPI.
This way, very soon, UPI will become a globally accepted payment platform.
How will this happen?
UPI Aims For Global Usage
When Indians visit other countries, then they can seamlessly use their debit/credit cards for making payments, for example restaurants or movies or shopping malls.
There are, no doubt, currency conversion charges, and fees, but the payment is carried through without any hassles.
Very soon, the same payments and transactions in foreign locations can be done via UPI as well.
Pilot project for UPI enabled global payments is being carrier out in UAE and Singapore, where a lot of Indians visit for tourism purpose.
UAE and Singapore, both have started accepting RuPay as a valid payment tool, and now, Govt. wants to make UPI a global force to be reckoned with.
An unnamed senior banker said, “These two countries (UAE, Singapore) already have opened up to RuPay cards; now the target is to enable UPI payments. 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,”
NRIs Can Send Money Back To India Using UPI
Not only for tourism sector, but NPCI is also aiming to capture the massive remittance market for NRIs.
As per the details available, NPCI and Govt. is trying to make UPI as a platform which can be used by NRIs to send money back to India.
India is right now world’s #1 country in remittance: Last year, NRIs sent back $69 billion back to India, which is the highest in the world.
In case UPI is able to tap into the booming remittance market, then it can be a gamechanger. Traditional platforms like Wester Union and Visa/Master can incur huge losses, if an Indian staying abroad can send money back to India using UPI.
However, onboarding merchants and traders for UPI platform is the biggest concern.
Another unnamed banker said, “Many global companies like Facebook, Google and Xiaomi have started entering the UPI payments space, which can boost the use case of UPI payments in other geographies,”
It seems UPI is going global and the process has already started!