India's UPI to Provide Service Across The World; In Talks With 30 Countries
                     India's UPI to 
Provide Service 
Across The World; 
In Talks With 30 
Countries 
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India's UPI to Provide Service Across 
The World
UPI-based payment systems are 
quickly gaining hold of the Indian 
payments market and the 
technology is now set to create 
ripples across the world, too. While 
addressing Digital India Week, IT 
Minister Ashwini Vaishnaw stated 
that India is in talks with 30 
countries to introduce UPI. Three 
countries have already signed 
memorandums of understanding 
(MoUs) to implement the UPI 
technology, process, and system. 
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India's UPI to Provide Service Across 
The World
The future of payments has arrived 
and with it, the possibilities are 
endless. The countries that adopted 
India’s UPI are France and 
Singapore, and more countries are 
slated to follow suit soon, as UPI 
continues its global expansion. The 
mobile wallet and other such 
systems are gaining momentum 
across the world.
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What is 
UPI?
Unified Payments Interface 
(UPI) is a technology-based 
system that powers multiple 
bank accounts using a single 
mobile application of any 
participating bank. This system 
merges several banking 
features, seamless fund routing 
& merchant payments into one 
app-based system. 
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What is 
UPI?
UPI can help you to collect 
money from people directly 
through their mobile app and 
also schedule it for later. Even 
someone not having an account 
in your bank can be paid easily 
with just a tap on your screen.
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MasterCard to Invest 8.2 
Billion USD
U.S. digital payments tech firm 
MasterCard announced on 
Wednesday that it will invest 
$8.2 Bn over the next three 
years in India’s payment 
industry. The company will 
expand its UPI-based payments 
products, including Masterpass 
QR, which is a rebranded 
version of e-wallet Freecharge’s 
app Paytm, as well as introduce 
new technologies to improve 
efficiency.
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UPI to Expand Globally: PM 
Modi
In his concluding remarks at the 
Fintech Conclave, Prime 
Minister Narendra Modi stated 
that UPI has broken down 
economic barriers and 
empowered every citizen 
equally. It’s also been 
appreciated by everyone, 
including the World Bank. 
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UPI to Expand Globally: PM 
Modi
He added that 130K UPI 
transactions are recorded every 
minute, with 40% of the world’s 
digital transactions happening 
in India. Beyond praising the 
NPCI for scaling India’s 
payments ecosystem, he also 
launched IndiaStack.Global; a 
platform where open and 
interoperable digital solutions 
from India can be accessed by 
other countries.
www.desertcart.in
UPI to Expand Globally: PM 
Modi
The UPI currently has 330 
banks linked to it, with an 
average ticket size of around Rs 
1,730 ($21.81) per transaction. 
PhonePe, Google Pay, and 
Paytm accounted for 94.8% of 
UPI transaction volume and 
93% of UPI transaction value as 
of March 2022.
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The Competitive Edge 
of UPI
Unique features of UPI make it 
stand out from digital wallets. 
One of its biggest USPs is its 
interoperability, together with the 
simplicity of the platform design 
that makes it easy to use. UPI 
enables users to carry their bank 
account digitally, across different 
banks or fintech applications 
including Google Pay or Amazon 
Pay, thus addressing the issue of 
not having a local bank account in 
a particular area. 
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The Competitive Edge 
of UPI
It also helps in reducing risks 
associated with card fraud by 
allowing consumers to choose 
VPA over providing their actual 
card number closely resembling 
an ATM pin code. UPI benefits the 
consumer with rapid fund 
transfer, high interoperability, and 
simple design. It's easy to send 
money from any bank account, on 
any UPI app using a tablet, 
mobile, or even a laptop. 
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The Competitive Edge 
of UPI
The virtual interface makes it very 
convenient and perfect for the 
new digital payment era. It can 
deliver great economic and 
personal convenience and 
benefits. As UPI enters the world 
stage it can be a boon to the 
entire financial ecosystem and 
support easy money transactions.
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