“I expect five to seven countries to sign up for this by March,” Chandrasekhar said at the India Stack Developer Conference. The government plans to offer technology platforms such as Aadhaar, UPI, DigiLocker and GSTN to several countries as part of the G20 chairmanship responsibility. Startups of the country can also benefit from this. Recently it was reported that National Payments Corporation of India (NPCI) has allowed non-residents from 10 countries to transfer funds from NRE/NRO accounts using UPI.
NPCI, in a circular, had asked UPI stakeholders to put in place a mechanism by the end of April to allow non-residents holding NRE/NRO accounts to use international mobile numbers for transacting through the Unified Payments Interface (UPI). will be allowed. The facility will initially be made available to non-residents in 10 countries including the US, Australia, Singapore, Hong Kong, Oman, Saudi Arabia and the United Arab Emirates.
Last month, UPI payments reached a record high of Rs 12.82 lakh crore. About 782 crore transactions took place on this platform in December. UPI payments were worth Rs 11.90 lakh crore in November. Earlier in October, payments through UPI had crossed Rs 12 lakh crore. The Department of Financial Services had said, “UPI has made a major contribution in bringing about a change in digital payments in the country. There have been around 782 crore transactions worth Rs 12.82 lakh crore in December.” UPI is a real-time payment system through which transactions can be done from one bank to another. These transactions are easily done through mobile. No charge has to be paid for this. This means of payment is continuously increasing and 381 banks are involved in it. UPI is also helping a lot in furthering financial inclusion.
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