NPCI Eyes Global Expansion of Rupay and UPI
The National Payments Corporation of India (NPCI) is in discussions with 10 countries to expand the reach of its Unified Payments Interface (UPI) and Rupay services.
At the 11th SBI Banking & Economics Conclave, NPCI Managing Director and CEO Dilip Asbe confirmed the progress in international adoption of the platform.
UPI Goes Global
“Commercial agreements for UPI have been signed with Namibia, Trinidad and Tobago, and Peru, and implementation is expected to commence soon,” said Asbe. He also revealed that five to six countries have already signed up, while talks are ongoing with 10 more nations. Currently, UPI operates in seven countries, including France, the UAE, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal.
Asbe highlighted the platform’s technical advancements since its 2016 launch. Transaction failure rates have dropped from 8–10% in 2016 to just 0.7–0.8% today, reflecting significant improvements in reliability.
UPI Transactions Surge
In September 2024, UPI processed 15.04 billion transactions worth ₹20.64 lakh crore, with daily transactions exceeding 500 million. Over 400 million users in India rely on UPI for real-time payments.
UPI Lite for Low-Value Transactions
To streamline small payments, NPCI is promoting the adoption of UPI Lite, which enables low-value transactions without requiring a UPI PIN. Recent changes by the RBI have doubled the per-transaction cap to ₹1,000 and raised the wallet limit to ₹5,000.
The Road Ahead
As India’s payment ecosystem evolves, the NPCI is making strides toward globalising UPI and Rupay, aiming to solidify its position as a leader in real-time payment systems worldwide.
