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WHAT IS UPI?
Unified Payment Interface is a popular mobile payment method
developed by India that allows you to transfer funds from one bank
account to the other, instantly and free of charge. Ever since its
inception, UPI has made financial transactions much easier for account
holders.
Some of it’s features include-
•reliability
•real life transfers
•no minimum transaction limit

GLOBAL INFLUENCE
India is making significant strides in expansion of its digital methods of
payments like RuPay, UPI, etc. Europe is among the latest region to
accept India’s payment system. India had signed memoranda of
understanding (MoUs) with 13 countries that want to adopt the UPI
interface for digital payments.These countries include France, UAE,
Saudi Arabia, Bahrain, Singapore, Maldives, Bhutan, and
Oman.Singapore has completed its UPI integration.

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UPI or Unified Payment Interference has masterfully revolutionised the
entirety of the digital transaction technology. The origin of UPI dates
back to April of 2009, when the Reserve Bank of India appointed the
National Payment Corporation Of India (NPCI) to synchronise the
payment structure and convert it into a uniform system for all retail
transactions. As part of the Green Initiative under the NPCI, in order to
reduce the domestic usage of paper currency in most of the payment
procedures, UPI was officially launched in 2016 and has been subject to
noteworthy appreciation from various countries time and again. The
simple and accessible algorithm of UPI has streamlined the payment
mechanism and made it easier for citizens to make cashless and eco
friendly transactions.

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India is making efforts to make UPI international to ease cross-border

real-time payments. In July 2021, Bhutan was the first country to allow
UPI transactions through BHIM App later Nepal adopted UPI for digital
transactions too. After India assumed the G20 Presidency, the RBI and
NPCI launched ‘UPI One World’ for foreign nationals visiting the
country. Earlier this year, India’s UPI linked with Singapore’s fast
payment system, PayNow, for faster remittances between the two
countries. This will enable the Indians in Singapore, particularly migrant
workers and students, to make quick and low-cost fund transfers. After
the United States, the UAE is the second-largest source of remittances
to India. Besides the UAE, NRIs in Canada, Hong Kong, Oman, the US,
Australia, Singapore, the UK, Saudi Arabia, and Qatar who have bank
accounts types such as Non-Resident External (NRE) or Non-Resident
Ordinary (NRO) accounts can avail UPI services using their international
phone numbers.

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Introducing UPI to different countries would benefit India and its
economy in several ways. It would showcase India’s prowess in digital
payments and boost its global reputation. With increased adoption of
UPI internationally, India could witness a surge in cross-border
transactions, leading to economic growth and enhanced trade
opportunities. It could also attract foreign investments and
collaborations, further strengthening India’s economy. Additionally, the
success of UPI abroad would create avenues for Indian companies to
expand globally, contributing to India’s overall economic development.

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It can be concluded that India’s UPI has great potential it’s prominent
features of being reliable and transferring by just one click had already
touched everyone’s heart not only in India but it had a huge positive
impact on countries like France, Singapore, UAE, Saudi Arabia and
others.
This would also help in India’s overall development as India would
receive a lot of investment which would help in getting rid of
unemployment.
Some challenges like decision realted to exchange rate is yet a major
issue in taking UPI worldwide, hopefully in coming years it would meet
up its shortcoming.