When I visit other countries, I can seamlessly use debit/credit cards for making payments. Off course, there are currency conversion charges, and fees, but the payment is carried through without any hassles.

WAIT…. can I pay for products and services using UPI outside India ? and While living outside India, can I send money back to India, using UPI?

These questions made me explore what is being done for expansion of UPI to other countries. Digging deep, I identified –

Very soon, the same payments and transactions in foreign locations will be done via UPI 🙂

Who is making this happen?

NPCI International Payments Limited (NIPL) is the the international arm for NPCI. Incorporated on April 3, 2020, it is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.

Who are they solving for? 

• The India traveller abroad : by creating an acceptance network which will help Indian travelers pay through UPI in their destination country of travel.

• The local consumer : by helping countries which want to establish a ‘real time payment system’ or ‘domestic card scheme’ in their own country. 

Around 777 million Indian consumers shopped across the border in 2021 and consumers & businesses globally are demanding faster payments, and more countries are hearing the call and taking action.

So the opportunity is massive. I totally wish a WhatsApp moment for National Payments Corporation Of India (NPCI) robust and popular payments solutions in global markets. Kudos to the enablers and partners.

Please check out this #fincuts that gives you a quick view on what has happened and planned in other countries.

Keen to hear your thoughts and thank you for being the learner in me to the learner in you!