Leave Your Cash Behind as UPI is Accepted in These Countries
Over the past five years, digital payments in India have witnessed a remarkable growth rate of 50 percent annually, thanks to the revolutionary Unified Payments Interface (UPI) system developed by the National Payments Corporation of India (NPCI). UPI enables instant money transfers between bank accounts, making cash transactions easier and eliminating the hassle of carrying physical currency.
With popular payment apps like PhonePe and Google Pay operating on the UPI platform, India currently boasts 58 UPI-enabled apps. In March of the previous year alone, a staggering 868.53 crore transactions were conducted using UPI.
The impact of UPI on tourism has been significant, contributing to a surge in digital payments and facilitating seamless transactions for travelers. However, until recently, using UPI while traveling abroad remained a challenge for many. Nevertheless, a new era has dawned, as several countries are now embracing UPI services and will soon accept them.
Bhutan Leads the Way in UPI Acceptance
The Indian government has launched extensive campaigns to promote UPI globally. As part of this initiative, Bhutan became one of the first countries to recognize UPI services through the BHIM app. Being a neighboring country and a close collaborator with India, Bhutan often accepts Indian currency. With the advent of UPI, the journey to the “land of happiness” promises to be even more delightful.
UPI Spreads Its Wings to the UK
In a landmark move, the National Payments Corporation of India (NPCI) signed a Memorandum of Understanding (MoU) with PPRO, a prominent e-payment provider in the UK. As a result, UPI services are set to be introduced in the UK, a popular destination for Indian travelers and home to a large Indian student community. This development will enable UPI payments in the UK’s e-commerce sector, adding convenience and accessibility for Indians visiting or residing there.
UAE Embraces UPI for Indians Living and Visiting
The United Arab Emirates (UAE), home to hundreds of thousands of Indians, has already welcomed UPI services through the BHIM app since 2022. This development proves immensely beneficial for Indian tourists exploring renowned destinations like Dubai, as well as those visiting their loved ones in the UAE.
Oman Joins the UPI Network
Oman, another Gulf country frequented by a significant number of Indian travelers, is set to adopt UPI from October 2022. Under an agreement signed between Oman and NPCI, UPI will be integrated with Oman’s e-payment system. Additionally, a Memorandum of Understanding (MoU) was signed between India and the Central Bank of Oman, further solidifying the collaboration.
UPI to Enchant Travelers in France
Prime Minister Narendra Modi’s visit to France has paved the way for UPI integration in the country. India and France have agreed to utilize UPI, as the National Payments Corporation of India (NPCI) signed an MoU with France’s online payment system, Lyra. Tourists will soon be able to make UPI payments, including at iconic landmarks like the Eiffel Tower.
UPI Expands Across Europe
In a significant announcement, the NPCI revealed plans to extend UPI services to multiple European countries. Partnering with WorldLine, a leading European payment service provider, the NPCI aims to enable UPI payments through WorldLine’s QR code-based system, facilitating shopping experiences across Europe. Moreover, transactions can be made in European countries using RuPay debit and credit cards. The NPCI is committed to expanding UPI to encompass all European nations in the near future.
UPI Conquers Southeast Asia
The NPCI, in collaboration with international digital payments company Liquid Group, has embarked on a partnership to launch UPI in ten South Asian countries. Singapore, Malaysia, Vietnam, and Thailand are among the countries where UPI will soon be available, allowing seamless transactions for Indian travelers exploring these destinations.
In conclusion, the rise of UPI has revolutionized the way Indians travel abroad, making cashless payments a reality in various countries. With UPI gaining recognition and acceptance globally, travelers can now confidently leave their cash behind and enjoy hassle-free digital transactions across borders.