After Conquering 60% Market Share, RuPay, UPI Will Expand Internationally To Other Nations
On July 13, 2021, the international arm of the National Payments Corporation of India (NPCI) launched its services (QR-code based UPI transactions) in Bhutan, while partnering with the central bank of the country, Royal Monetary Authority (RMA).
With this, Bhutan became the first country to accept UPI transactions handled through the BHIM app.
SIngapore too is known to be using the BHIM-UPI transactions at merchant locations.
Extending in these two international locations, NPCI (developer of UPI) has plans to expand the indigenous payment platforms like Rupay and UPI to more international markets like the United States, West Asia and Europe.
NPCI In Conversations With Foreign Geographies
It has been reported that NPCI is discussing the idea of expanding India’s self-developed digital payment platforms like Rupay and UPI to more international locations.
It is in discussions with many global agencies for expanding in locations like the US, Europe and West Asia.
These agencies may include regulatory authorities, large banks, fintech companies, or even umbrella payment organisations from respective countries, states the ET.
The chief executive of NPCI International Payments (NIPL), the international arm of NPCI states that they are working towards the expansion of UPI and Rupay based payment practices across the destinations that attract Indian tourists, students and professionals.
UPI Records Over Rs 5 Crore Transaction Value in June
The instant real-time payment system Unified Payments Interface (UPI) has registered a total of 2.8 billion transaction count in June 2021.
With the government orders easing up in June and the severity of Covid-19 falling slightly in the country, businesses began to resume, leading to an increase in the transaction volume when compared to the preceding two months.
NPCI has posted the transaction volumes and counts for the three months, from April to June.
It shows that the transaction count for June 2021 stands at 2.8 billion, registering a transaction value of Rs 5,47,373 crore.
This is a straight 10.6% rise in volume and 11.56% rise in value as compared to May.