Unified Payments Interface: Difference between revisions

Unified Payments Interface (edit)

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 With the release of the Payments Vision 2025 document on 17 June 2022 ([[Indian National Calendar|INC]]: 27 saura Jyēṣṭha 1944), the RBI aimed to promote the internationalisation of UPI, focusing on collaboration with nations utilising the United States dollar, Pound sterling, and Euro under bilateral treaties.<ref>{{Cite news |date=19 June 2022 |title=RBI payment vision 2025 document will make India a powerhouse of payments |url=https://www.thehindu.com/business/rbis-payments-vision-2025-aims-to-establish-india-as-powerhouse-of-payments-globally-say-experts/article65542561.ece |url-status=live |archive-url=https://web.archive.org/web/20220620061803/https://www.thehindu.com/business/rbis-payments-vision-2025-aims-to-establish-india-as-powerhouse-of-payments-globally-say-experts/article65542561.ece |archive-date=20 June 2022 |access-date=20 June 2022 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref><ref>{{Cite web |date=17 June 2022 |title=Payments Vision 2025 |url=https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/PAYMENTSVISION2025844D11300C884DC4ACB8E56B7348F4D4.PDF |url-status=live |archive-url=https://web.archive.org/web/20220618154340/https://rbidocs.rbi.org.in/rdocs/PublicationReport/PDFs/PAYMENTSVISION2025844D11300C884DC4ACB8E56B7348F4D4.PDF |archive-date=18 June 2022 |access-date=20 June 2022 |website=Reserve Bank of India}}</ref> The [[Ministry of External Affairs]] (MEA) has also been actively advocating for the internationalisation of UPI due to geopolitical considerations. However, several countries, including [[Canada]], have shown reluctance to accept UPI, partly due to resistance from American firms. The MEA is exploring Central Bank to Central Bank transfers using UPI as a conduit, seeking collaborative efforts with countries that have similar systems.<ref>{{Cite news |last1=J |first1=Anand |last2=Sharma |first2=Sandhya |date=18 October 2022 |title=Geopolitics is driving UPI's bid to go global. Here are the game plan and the challenges. |url=https://economictimes.indiatimes.com/prime/fintech-and-bfsi/geopolitics-is-driving-upis-bid-to-go-global-here-are-the-game-plan-and-the-challenges-/primearticleshow/94924524.cms |url-status=live |archive-url=https://web.archive.org/web/20221018070227/https://economictimes.indiatimes.com/prime/fintech-and-bfsi/geopolitics-is-driving-upis-bid-to-go-global-here-are-the-game-plan-and-the-challenges-/primearticleshow/94924524.cms |archive-date=18 October 2022 |access-date=18 October 2022 |work=The Economic Times}}</ref> On 12 October 2022 ([[Indian National Calendar|INC]]: 20 saura Āśvina 1944), India extended an offer of UPI and related technologies to the [[Commonwealth of Nations]].<ref>{{Cite news |date=28 October 2022 |title='Potentially transformational': Commonwealth Secy Gen welcomes India's UPI sharing offer |url=https://economictimes.indiatimes.com/industry/banking/finance/potentially-transformational-commonwealth-secy-gen-welcomes-indias-upi-sharing-offer/articleshow/95133043.cms |url-status=live |archive-url=https://web.archive.org/web/20221028074346/https://economictimes.indiatimes.com/industry/banking/finance/potentially-transformational-commonwealth-secy-gen-welcomes-indias-upi-sharing-offer/articleshow/95133043.cms |archive-date=28 October 2022 |access-date=28 October 2022 |work=The Economic Times}}</ref>
+=== Remittance ===
+In response to the increasing remittances to India, NPCI International Payments Limited (NIPL) is set to integrate UPI with [[Western Union]], facilitating the [[Indian diaspora]] in sending and receiving money internationally with ease. This service is expected to become operational in the second quarter of 2022. [[IndusInd Bank]], in collaboration with Thailand-based financial service provider DeeMoney, will utilise UPI IDs to verify customers in India for cross-border transactions. This initiative is part of the Money Transfer Operator (MTO) partners program established by NPCI.
+IndusInd Bank aims to partner with additional foreign entities to enhance the acceptance of UPI in international markets. Furthermore, on 27 January 2022 ([[Indian National Calendar|INC]]: 07 saura Māgha 1943), NIPL signed a memorandum of understanding (MoU) with Netherlands-based Terra Payment Services, which will enable UPI users to receive international payments from around the globe in real time.
+To alleviate the costs incurred by Indians living abroad when sending money back home, the National Payments Corporation of India (NPCI) is working towards transitioning 3.2 crore expatriates from the [[SWIFT]] system to UPI. The significance of developing an alternative payment system has become increasingly apparent following the 2022 Russian attack on Ukraine and the subsequent removal of Russian banks from SWIFT, which highlighted vulnerabilities in the existing framework for international transactions.
+Starting from 30 April 2023 ([[Indian National Calendar|INC]]: 10 saura Baiśākha 1945), individuals with international mobile numbers from [[Malaysia]], [[Singapore]], [[Australia]], [[Canada]], [[Hong Kong]], [[Oman]], [[Qatar]], the [[USA]], [[Saudi Arabia]], the [[UAE]], and the [[UK]] will be able to access UPI transaction facilities. This service will be available through non-resident external (NRE) and non-resident ordinary (NRO) accounts. As of 11 January 2024 ([[Indian National Calendar|INC]]: 21 saura Pauṣa 1945), customers of [[Axis Bank]], [[DBS Bank]], ICICI Bank, [[Indian Bank]], [[Indian Overseas Bank]], and [[State Bank of India]] are now able to utilise the remittance facility between [[Singapore]] and [[India]] through applications such as [[BHIM]], [[Paytm]], and [[PhonePe]]. Additional banks are expected to join the network soon, including [[HDFC Bank]], [[Bank of Baroda]], [[Bank of India]], [[Canara Bank]], [[Central Bank of India]], [[Federal Bank]], [[IDFC First Bank]], [[IndusInd Bank]], [[Karur Vysya Bank]], [[Kotak Mahindra Bank]], [[Punjab National Bank]], [[South Indian Bank]], and [[UCO Bank]].
 == Acceptance ==