Mumbai: National Payments Corporation of India International Payments Ltd (NIPL), the global arm of NPCI, is planning to roll out its Unified Payments Interface (UPI) services in up to six new countries by 2025. This move aims to further expand India’s digital payments footprint internationally, according to NIPL CEO Ritesh Shukla.
Global Expansion Plans for UPI
Speaking at the India Fintech Conclave 2024 in Mumbai on December 18, Shukla outlined NIPL’s strategy for collaboration with international partners to deploy UPI systems. “We expect to go live in three or four countries next year, with the possibility of reaching six, depending on project timelines,” Shukla said.
Currently, UPI services are operational in seven countries: Nepal, Bhutan, Mauritius, Sri Lanka, UAE, Singapore, and France. NIPL is also in discussions with Peru, Namibia, and Trinidad and Tobago to establish sovereign payment ecosystems and further expand UPI’s reach.
Collaborations Beyond UPI
NIPL is working with the UAE and Mauritius to develop domestic card payment systems modeled after India’s RuPay. Additionally, non-resident Indians (NRIs) in ten countries can now use UPI through their international mobile numbers linked to NRE or NRO accounts. This change eliminates the need for NRIs to maintain an Indian mobile number for UPI transactions.
UPI’s Impact on India’s Digital Economy
Since its launch in 2016, UPI has transformed digital payments in India, growing its share in digital transactions from 4.4% in FY18 to 70% in FY24. Its user-friendly interface and accessibility have made it a preferred mode of payment across the country.
Global Recognition for UPI’s Efficiency
A report by Paysecure highlights UPI’s global relevance, noting that it processes 3,729 transactions per second—nearly surpassing the combined performance of its three closest competitors. With this momentum, NIPL aims to position UPI as a leading cross-border payments framework, driving financial inclusion on a global scale.
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