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→Internationalisation
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== Internationalisation == | == Internationalisation == | ||
In 2021, approximately 77.7 crore Indian consumers engaged in cross-border shopping. To facilitate payments, NPCI International Payments Limited (NIPL) signed a memorandum of understanding (MoU) with UK-based PPRO Financial on 17 November 2021 ([[Indian National Calendar|INC]]: 26 saura Kārtika 1943), aimed at expanding the acceptance of the Unified Payments Interface (UPI) in foreign markets, particularly in [[China]] and the [[United States]], which together account for half of all international transactions originating from India.<ref>{{Cite news |last=Shukla |first=Saloni |date=17 November 2021 |title=NPCI takes UPI global, ties up with leading payments provider PPRO |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/npci-takes-upi-global-ties-up-with-leading-payments-provider-ppro/articleshow/87759248.cms |url-status=live |archive-url=https://web.archive.org/web/20211119151146/https://economictimes.indiatimes.com/industry/banking/finance/banking/npci-takes-upi-global-ties-up-with-leading-payments-provider-ppro/articleshow/87759248.cms |archive-date=19 November 2021 |access-date=18 November 2021 |work=The Economic Times}}</ref> On 26 January 2022 ([[Indian National Calendar|INC]]: 06 saura Māgha 1943), UK-based fintech startup Transact365 enabled UPI for global merchants, providing a real-time currency conversion facility that allows them to conduct business in India without needing a local presence.<ref>{{Cite web |date=26 January 2022 |title=Transact365 Launches Seamless Cross Border Payments in India |url=https://financialit.net/news/payments/transact365-launches-seamless-cross-border-payments-india |url-status=live |archive-url=https://web.archive.org/web/20220202070812/https://financialit.net/news/payments/transact365-launches-seamless-cross-border-payments-india |archive-date=2 February 2022 |access-date=2 February 2022 |website=Financial IT |language=en}}</ref> According to mandates from the NPCI and the [[Reserve Bank of India]] (RBI), banks, payment service providers (PSPs), and third-party application providers (TPAPs) in India were required to enable international acceptance of UPI starting from 30 September 2022 ([[Indian National Calendar|INC]]: 08 saura Āśvina 1944).<ref>{{Cite web |last=Surabhi |date=13 April 2022 |title=NPCI to players: Ensure international acceptance of UPI by Sept 30 |url=https://www.thehindubusinessline.com/money-and-banking/npci-to-players-ensure-international-acceptance-of-upi-by-sept-30/article65317287.ece |url-status=live |archive-url=https://web.archive.org/web/20220416062041/https://www.thehindubusinessline.com/money-and-banking/npci-to-players-ensure-international-acceptance-of-upi-by-sept-30/article65317287.ece |archive-date=16 April 2022 |access-date=16 April 2022 |website=BusinessLine |language=en}}</ref> | |||
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> | |||
== Acceptance == | == Acceptance == | ||