New Delhi: The Reserve Bank of India (RBI) and NPCI International Payments (NIPL) are aiming to expand the Unified Payments Interface (UPI) to 20 countries by the fiscal year 2029. According to the RBI’s annual report, this step is being taken to enhance the global reach of UPI and RuPay cards.
This initiative will start in 2024-25 and is expected to conclude by 2028-29. The report mentions working with countries in the European Union and the South Asian Association for Regional Cooperation (SAARC) to set up the Fast Payment System (FPS) and create connections between multiple countries.
Currently, France and Nepal accept UPI payments through QR codes for online shopping. Agreements are also in place with seven other nations.
Traditionally, the payment system has used SMS-based one-time passwords (OTP) for security. With new technology, better solutions are in place to prevent fraud and make payments smoother. The RBI is looking into using behavioural biometrics, location data, payment history, digital tokens, and app notifications for authentication.
