From an aged person to a teenager, everyone is aware of the Unified Payments Interface from their smartphones. This is something a new method for them because such type of way of doing the online transaction is the best choice and with just few clicks, the process is done.
Now the face news for you is you can operate this UPI service globally. As we read out the statement of National Payments Corporation of India who rules on this UPI that those Indians who travel to abroad may soon use the UPI service.
It’s quite shocking but the big news for you because you are able to use this Unified Payments Interface to pay for your goods and service abroad. This is something that we want because UPI service can complete the transaction in a shorter and simplest way then how can we avoid this while traveling out of India. Let’s have a look check how this service can be beneficial more.
Statement shared by “National Payments Corporation of India”
Well, the feature always gets a positive reaction from the businessman who mostly travels outside India for business purposes. Even if you want to purchase then try to pay via UPI only if you want to. Report said that NPCI is working on this process and they said that the feature is going to introduce within six months and they said they are looking to introduce first on the United Arab Emirates and Singapore.
A senior banker said, “These two countries already have opened up to RuPay cards, now the target is to enable UPI Payments. This will be a big boost for Indian travellers for those countries and just like their debit card or credit card, they can pay via UPI.” Now NPCI’s only role is just to create a global payment product that simply expands the use case of UPI.
UPI, a big challenge for card payment, See how?
Unified Payments Interface is the biggest challenger to the card payment as many merchants have accepted now UPI payments. The best part we want to share that in September 2019, the UPI transaction has crossed 955 million so here you can judge the importance of UPI nowadays. This transaction of 955 million we get to know from NPCI. NPCI believes that every Indian who travel to abroad and makes the UPI transaction when it introduces, its acceptance common payment mechanism will definitely go up in India as well.
Nandan Nilekani suggested something to NPCI; want to know what it is?
Nandan Nilekani-led committee Formed by Reserve Bank of India said that Digital Payment after knowing this UPI strategy suggested NPCI that they need to expand the international footprint of their payment systems like UPI, RuPay and BHIM.
This suggestion might be helpful not only for easing international remittance but also going to help to aid Indians traveling abroad. Bankers said, “Many global companies like Facebook, Google and Xiaomi have started entering the UPI payment space, which can boost the use case of UPI payments in other geographies.”
Wrapping up
NPCI now only focuses on its UPI process outside India as we expect this process to come soon. More than us, many entrepreneurs are waiting too because mostly they travel abroad. If UPI transactions via smartphone happen on abroad then it can give the best ease to them. Bankers have shared the statement above that we highlight and even they promise this UPI transaction abroad will soon going to introduce after six months.
For more updates get in touch with us till then keep reading and keep sharing.
