New Delhi, The Unified Payments Interface (UPI) is witnessing a steady surge in adoption in India, attributed to its simplicity and security. This success story has now extended beyond Indian borders, with several countries also embracing UPI. In January, UPI transactions in India amounted to ₹18.41 lakh crore, marking an approximate 1% increase compared to December. Compared to January 2023, this year saw a remarkable 42% surge in transactions.
Last month alone, transactions totaled 1.202 billion, reflecting a 52% increase from January 2023. Inspired by this success, many countries are considering adopting this payment system developed by the National Payments Corporation of India. UPI has officially gained recognition in Sri Lanka, Mauritius, France, the United Arab Emirates, Singapore, Bhutan, and Nepal. Bhutan has been utilizing UPI since 2021.
Notably, Bhutan is not only among the early adopters of UPI but also one of the initial nations to issue rupee credit and debit cards. In Europe, France leads as the first country to embrace UPI. The French government anticipates rapid adoption in France and across Europe, facilitating easier transactions for Indian travelers. Prime Minister Narendra Modi’s recent visit to the United Arab Emirates underscored the importance of UPI and RuPay cards, reaching a crucial agreement during the trip.
It’s worth mentioning that a substantial number of Indian expatriates reside in the UAE and other Gulf countries, making this payment system beneficial for them. The implementation of this payment system has also been agreed upon in Oman. The Ministry of External Affairs recently announced the initiation of UPI services in Sri Lanka and Mauritius.
Prime Minister Modi inaugurated the UPI and RuPay card services virtually in these two nations. Southeast Asian countries such as Malaysia, Thailand, the Philippines, Vietnam, Singapore, Cambodia, South Korea, Japan, Taiwan, and Hong Kong are also set to implement UPI soon. Experts believe that this list of seven countries will continue to grow as more banks join the international UPI network, contributing to the expansion of India’s economy and showcasing its prowess in digital technology.
