RBI to push UPI, RuPay’s global reach

The Reserve Bank of India (RBI), in close partnership with the administration and National Payments Corporation of India (NPCI), is working to extend the reach of Unified Payments Interface (UPI) and RuPay worldwide.

In this association, it has kept in touch with other national banks featuring the highlights of UPI as a proficient and secure framework, the RBI said in an as of recently released booklet on payments and settlement systems in India. As on November 30, 2020, RuPay had a 60% share in cards issued, the booklet said.

UPI can be used to change retail payment mechanism internationally, and simultaneously promote financial inclusion, the booklet said. “UPI framework can possibly develop into a less expensive and quicker option in contrast to accessible channels of settlement for cross-border payments too, regardless of whether related with retail remittances or small value trade transactions. It could, in future, give the premise to a more stronger bilateral business and economic partnership with different jurisdictions,” the RBI said.