France greenlit the implementation of the Unified Payments Interface (UPI) within its borders on February 2, 2024. NPCI International Payments Limited (NIPL) and Lyra, a prominent French entity specialising in safeguarding e-commerce and proximity payments, jointly declared the adoption of the UPI payment framework in France.
Moreover, the Indian government has persistently championed the utilisation of its digital payment infrastructure, notably the UPI, to facilitate streamlined cross-border transactions. Such initiatives seek to mitigate the expenses associated with fund transfers and remittance payments.
The first country to enable UPI payments after India is Bhutan.
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List of Countries Accepting UPI Payment
Bhutan was the first nation beyond India to facilitate transactions via the BHIM app using the Unified Payments Interface (UPI). Here is the complete list:
| Country | Date |
| Bhutan | 13 July, 2021 |
| United Arab Emirates | 21 April, 2022 |
| 2021 | |
| Singapore | 21 February, 2023 |
| Nepal | December 2023 |
| Oman | December 2023 |
| Qatar | 15 March, 2023 |
| Russia | April 2023 |
| France | 2 February, 2024 |
| Sri Lanka | 12 February, 2024 |
| Mauritius | 12 February, 2024 |
| United Kingdom | Ongoing |
In September 2021, Liquid Group, a prominent cross-border digital payment service provider, entered into a memorandum of understanding (MoU) with NIPL. The aim was to introduce a UPI-based QR code payment system across multiple countries, including Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan, starting in 2022.
Subsequently, on March 8, 2022, NIPL further solidified its international collaborations by signing an MoU with the Arab Monetary Fund (AMF). This agreement is designed to interlink UPI with the Buna Payment Platform, which boasts connectivity with central banks and financial institutions throughout the Arab region. Such integration is poised to facilitate seamless cross-border multi-currency transactions.
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Future Market For UPI
Notably, India has been proactive in extending the reach of UPI globally. As of July 4, 2022, discussions regarding UPI integration have already been initiated with 30 countries, reflecting India's commitment to fostering international cooperation in the realm of digital payments. These are the potential markets for UPI:
| Country | Date | Details |
| 21 March 2022 | India proposed early integration of UPI with the Australian New Payment Platform to improve higher education access and tourism potential during a bilateral virtual summit. | |
| 11 October, 2022 | Worldline SA will enable European merchants' POS terminals to accept UPI as per the MoU signed. The initial market expansion will include Belgium, the Netherlands, Luxembourg, and Switzerland. Payment will be facilitated through the Worldline QR code. | |
| Thailand | 20 April 2023 | Bank of Thailand is planning cross-border remittances and QR-based payments with India. Officials reviewed the progress of connecting UPI and PromptPay at the India-Thailand Joint Trade Committee meeting. Negotiations between the Reserve Bank of India and the Bank of Thailand are ongoing. |
| Saudi Arabia | 19 September 2022 | Commerce and Industry Minister Piyush Goyal discussed introducing UPI in Saudi Arabia during a meeting with Majid bin Abdullah Al Qasabi. The operationalisation of UPI is a priority area in bilateral Fintech collaboration. |
| United States | July 2023 | The Clearing House is working with EBA Clearing and SWIFT for real-time USD-Euro payment called Immediate Cross-Border (IXB). Talks of a payment corridor between IXB and UPI are ongoing. |
| Bahrain | 20 March 2023 | Minister of Industry and Commerce Abdulla Adel Fakhro held talks with Indian counterparts after the UPI-PayNow linkage. Preliminary discussions for a similar partnership between Bahrain and India in the cross-border payment space started in April 2023. |
| Japan | May 2023 | Japanese Digital Minister Taro Kono informed us that a team from Japan will visit India to study the UPI system. Japan is considering joining the network for increased interoperability and as another standard of cross-border payment. A memorandum of understanding (MoU) was signed during the G7 meeting. |
| Philippines | June 2023 | India initiated preliminary discussions regarding UPI cooperation with payment firms from the Philippines. Both nations signed a memorandum of understanding on financial technologies to collaborate in various areas including digital payment space. |
| Ethiopia | November, 2023 | Indian delegation sought collaboration with Ethiopia on digital payment solutions by integrating UPI and Ethswitch. The proposal aims to explore the settlement of trade transactions in the local currency to boost bilateral trade and conserve foreign exchange. |
| August, 2023 | During a bilateral meeting, India started discussions with counterparts from New Zealand on the introduction of UPI to promote ease of doing business, trade, and tourism between both nations. |
August 2023 witnessed a flurry of news reports and articles focused on the BFSI sector. According to data provided by NPCI, the platform recorded a staggering 10.5 billion transactions in August, marking a notable increase from the 9.9 billion transactions recorded in July 2023. By August 2023, UPI had surpassed the remarkable milestone of 10 billion transactions. Furthermore, UPI transactions in August amounted to ₹15.7 lakh crore, a slight uptick from the ₹15.3 lakh crore recorded in July. In the fiscal year 2023, the cumulative value of annual transactions soared to $1.7 trillion, with a substantial portion amounting to $380 billion dedicated to merchant payments.
UPI in Nepal: How to make payment through the App
In a groundbreaking collaboration, NPCI International Payments Ltd (NIPL), the global extension of the esteemed National Payments Corporation of India (NPCI), and Fonepay Payment Service Ltd, Nepal's premier payment network, have declared the activation of Unified Payment Interface (UPI) for cross-border transactions linking India and Nepal.
How do you make payments through the Apps?
To utilise UPI overseas, users must opt for UPI International and enable international transactions through their respective banks. While availing this service, banks may levy forex charges for facilitating international payments. To enable this functionality, the National Payments Corporation of India (NPCI) collaborates with a prominent company from the target country.
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