Many countries keen to collaborate for UPI-linked payments: RBI governor
Reserve Bank governor Shaktikanta Das on Monday said since the activation of the linkages between UPI and Singaporean counterpart PayNow, many countries have expressed keen interest in entering into such collaboration on the payments front and expressed the hope to sign up at least half-a-dozen countries soon.
Since the launch of the UPI-PayNow collaboration 10 days ago, 120 inbound transactions from and 22 outbound transactions to Singapore have been processed, while in-bound UPI transactions have seen 30 users from 10 countries being on-boarded with 77 merchant payments made, Das told reporters in Mumbai announcing the RBI’s Digital Payments Awareness Week.
Also read: Modi launches cross-border connectivity between UPI and Singapore’s PayNow
Steps taken
“We’ve taken steps for the internationalisation of our payment systems and cross-border linkage of fast payment systems of India and Singapore through the UPI-Paynow linkages from February 21. This linkage is in addition to the QR code-based and UPI-enabled P2M payments already happening in Bhutan, Singapore and the UAE,” Das said.
“Recently the RBI also enabled visitors from G20 counties to be on-boarded to the UPI platform without having a bank account in the country. Through this initiative, the G20 delegates had a first-hand experience of making merchant payments seamlessly through the UPI, during their stay,” he said.
Keen interest
The governor expressed the hope to link the UPI platform with many more countries as many have expressed keen interest in doing so.
“During the recent G20 summit in Bengaluru, many countries showed their interest in adopting the UPI platform for faster cross-border transactions. I feel that the way forward is more towards adopting the UPI-PayNow linkages mode. We hope to sign up at least half-a-dozen countries soon,” Das said without offering a timeline or naming the countries.
Digital payments’ awareness
The governor said a recent survey covering 90,000 respondents, conducted by the RBI, revealed that while 42 per cent respondents used digital payments, 35 per cent are non-users though aware of digital payments and 23 per cent are not aware.
“The ongoing payment digital campaign, as part of the Vision 2025, intends to convert these non-users into users of digital payments,” he said. Vision 2025 aims at ensuring e-payments for everyone, everywhere and every time, he said.
Das also said the RBI has authorised 65 payment settlement operators (PSOs) between 2008 (when the PSS Act was legislated) and 2022. In the past year alone, the RBI has given authorisation (including in-principle) to 66 entities, he added.
(With agency inputs)