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Informist, Wednesday, Aug 28, 2024

 

--RBI Das: Cross border payments to be key focus area

--RBI Das: Focussed on making UPI, Rupay truly global

--To cooperate with other countries in e-currency efforts

 

MUMBAI – The Reserve Bank of India is focussing on giving a global makeover to the Unified Payment Interface and homegrown payment service provider RuPay, given the encouraging response from several jurisdictions, Governor Shaktikanta Das said today.

 

“The deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems of other countries for cross-border remittances are on top of our agenda,” Das said today at the Global Fintech Fest organised by National Payments Corp of India.

 

Das said notable progress towards making UPI and RuPay global has been made in several countries, including Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France. These endeavours underscore collaborative efforts for the adoption of India’s initiatives across the globe, he added.  

 

India has so far integrated UPI with the fast payment systems of France, Sri Lanka, Oman, Bhutan, and Mauritius, among others. Last week, Prime Minister Narendra Modi announced that India will link its UPI with Malaysia's fast payment system, PayNet.

 

India and Ghana have also agreed to operationalise UPI on the Ghana Interbank Payment and Settlement System by November.

 

Das underscored the use of digital currency as another potential area for international cooperation.

 

“While we have successfully demonstrated the interoperability of CBDC (Central Bank Digital Currency) with retail fast payment systems like UPI, we continue to gain from our experimentation on off-line solutions. As we make progress, we would be happy to co-operate with other nations in their CBDC efforts,” he said.

 

Cross-border payment was the most talked about use-case for the wholesale e-rupee before the launch of its pilot in November 2022. As of Mar 31, wholesale e-rupee worth 2.05 bln was in circulation, as per RBI data. In October, the central bank also introduced a wholesale e-rupee pilot to facilitate inter-bank call money trade, in addition to the earlier use-case of government securities trade.  End

 

Reported by Pratigya Vajpayee

Edited by Saji George Titus

 

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