Viksit Bharat 2047: RBI, NPCI International Payments aims to expand UPI to 20 countries by 2028-29

The RBI Annual Report highlights efforts to expand the global presence of both UPI and RuPay

The RBI Annual Report highlights efforts to expand the global presence of both UPI and RuPay
The RBI Annual Report highlights efforts to expand the global presence of both UPI and RuPay

RBI and NPCI working to expand UPI to 20 countries by 2029 shows central bank’s annual report

The Reserve Bank of India (RBI) and NPCI International Payments Ltd (NIPL) plan to extend the Unified Payments Interface (UPI) to 20 countries by FY29, according to news agency ANI.

In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with an initiation timeline of 2024-25 and completion timeline of 2028-29,” the report stated.

The RBI Annual Report highlights efforts to expand the global presence of both UPI and RuPay. The Payments Vision Document 2025 by the RBI has identified the international expansion of UPI and RuPay cards as a key objective. The RBI is in discussions with various central banks to form collaborative arrangements, the report added.

The RBI report discusses the potential for collaboration with countries in the European Union and the South Asian Association for Regional Cooperation (SAARC). It further discusses the exploration of multilateral linkages for the Fast Payment System (FPS).

The RBI report further notes “Fast Payment System (FPS) collaboration with the group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages, will be explored”.

UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI.

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