RBI and NIPL are currently working on linking UPI and RuPay with the payment interfaces of other nations.
The Reserve Bank of India (RBI) and the NPCI International Payments Limited (NIPL) are aiming to expand the Unified Payments Interface (UPI) to 20 countries by 2028–29. As per the RBI annual report, possibilities will be explored to take UPI and RuPay to other countries.
"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 initiation timeline of 2024-25 and completion timeline of 2028-29," the report stated.
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"Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored", the report added.
The Payments Vision Document 2025 by RBI highlights the global expansion of UPI and RuPay cards as one of the key objectives of the internalisation pillar. The RBI is collaborating with several central banks of various nations to initiate arrangements.
Last year, in July, the RBI and the Central Bank of the UAE (CBUAE) linked their fast payment systems, India's UPI, with the UAE's Instant Payment Platform (IPP), called Aani, under the signed memorandum of understanding (MoU). The interlinking of payment infrastructures also included both nations agreeing to link the RuPay card switch with the UAE's UAESWITCH.
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In February 2024, India launched UPI connectivity with Mauritius and Sri Lanka. This enables Indian tourists to pay using Indian UPI applications in these countries, and vice versa.
Reserve Bank of India and Nepal Rastra Bank are also working to establish a cross-border payment system by linking UPI and National Payment Interface of Nepal. Currently, UPI payment through OR codes for e-commerce is available France and Nepal. India is working to expand its UPI tie-ups with several other nations.
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