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After Singapore and UAE, UPI network will now spread in Western countries, payment abroad will be easy
UPI The fame of UPI is now spreading abroad as well. Along with Western countries, Japan is also showing interest in UPI. On 21 February 2023, RBI linked UPI with Paynow of Singapore. After this, payments can now be made through UPI in UAE as well. Let us know about it in detail in this report.
The Governor of the Reserve Bank of India announced the decisions taken on the monetary policy on the previous day. With this, RBI Governor Shaktikanta Das said that the reach of UPI is now reaching abroad. Along with Western countries, UPI is also making its reach in Japan. On February 21, 2023, RBI linked UPI with Paynow of Singapore. After this, UPI payments started between the two countries in a faster and more transparent manner.
Reserve Bank Governor Shaktikanta Das along with his Singaporean counterpart Ravi Menon, who is the Managing Director of the Monetary Authority of Singapore, launched the new linkage.
Announcing the third monetary policy review, Governor Shaktikanta Das said that the RBI plans to use AI in UPI payments and deploy near-field communication (NFC) technology used in offline payments in UPI-Lite. planning. Due to this, the limit of small transactions being UPI Lite has been increased from Rs 200 to Rs 500.
