UPI's dominance increased abroad, RBI signed an agreement, now you can send money to these 4 countries
UPI in Four Countries: The Reserve Bank of India (RBI) has planned to take UPI to 20 countries by the financial year 2028-29. For this, work will be done in collaboration with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI).
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In an announcement on Monday, the Reserve Bank of India said it has joined Project Nexus with four ASEAN countries, setting up a platform for instant settlement of cross-border retail payments. RBI, in its statement, said, "Nexus, conceived by the Innovation Hub of BIS, connects India's UPI with the fast payment systems of ASEAN members Malaysia, Philippines, Singapore, and Thailand.".
It also said in the statement that the agreement was signed by BIS and the central banks of these four countries – Bank Negara Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Reserve Bank of India on June 30, 2024, in Basel, Switzerland.
Now, the role of Indonesia will be as a particular observer associated with the initial phase. This platform can be extended to many more countries in RBI's coming statement. It will be made live by 2026. Nexus will play a significant role in retail cross-border payments. This will make it faster and result in lower costs for payments.
