- Published on October 7, 2022
- In IT Services
Can UPI Be India’s Answer to SWIFT Banking System
India, which received the highest remittances last year, can not afford to rely on the SWIFT banking system. Can UPI then be the knight in shining armour for India?
- By Lokesh Choudhary
Recently, Oman and India signed a memorandum of understanding (MoU) to launch India’s RuPay card and the Unified Payment Interface (UPI) platform – the Indian indigenous system of electronic payment – in Oman. A similar agreement was inked between the UK and Indian governments, where payments solutions provider PayXpert partnered with UPI to internationalise the acceptance of its payment solutions in the UK.
In a similar vein, over a dozen nations have joined hands with the NPCI International Payments Limited (NIPL), a fully-owned subsidiary of National Payments Corporation of India (NPCI), to adopt UPI, the biggest real-time payment solution in the world.
(Countries that have either adopted or are in the process of adopting UPI)
The rising influence of UPI in India
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Lokesh Choudhary
Tech-savvy storyteller with a knack for uncovering AI's hidden gems and dodging its potential pitfalls. 'Navigating the world of tech', one story at a time.
You can reach me at: lokesh.choudhary@analyticsindiamag.com.
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