Page 17 - NIS English 16-30 September, 2026
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Cover Story
UPI TURNS 10
India’s UPI Model Shows the Way to World
An initiative that was once confined to a single Tower simply by scanning a QR code.
bank branch in Mumbai is now making its UPI is already accepted in Nepal, Bhutan,
mark across numerous countries worldwide. and Sri Lanka, while expansion is underway
In Singapore, UPI has been linked with the in Qatar, Greece, and Cambodia through
local payment system ‘PayNow,’ enabling near- partnerships with local entities. Discussions
instant cross-border money transfers between are also ongoing with various central banks
the two nations. Indian tourists in the UAE and fintech companies across Asia, Africa, and
and Mauritius can now make payments via UPI Europe. All in all, UPI-based payment services
at local shops. In France, Indian visitors can are currently available in some form in over a
even settle bills in rupees at Paris’s iconic Eiffel dozen countries.
International Presence Boosts India’s Innovation
n Singapore: Integrated with ‘PayNow’;
enables instant cross-border transfers.
n UAE: Accepted at major commercial hubs;
popular among the Indian diaspora.
n France: Payment facilities available for
Indian tourists at multiple locations, including
the Eiffel Tower.
n Bhutan & Nepal: Accepted nationwide;
features an NPCI-enabled real-time cross-
border system.
n Sri Lanka & Mauritius: Integrated with
local payment infrastructures.
n Qatar, Greece & Cambodia: Expansion
in progress through partnerships with local
banks.
n Uzbekistan: Agreement for UPI on August
20, 2026.
global institutions like the International Monetary links multiple bank accounts through a single
Fund (IMF) are keenly studying the success of UPI. mobile application. It enables individuals to
A nation that relied on cash for decades is now instantly send or receive money, 24/7, 365 days
leading the rest of the world in the digital payment a year, using just a virtual address or a QR code,
revolution. without the need to memorise account numbers
or IFSC codes. It is operated by the National
KNOW: WHAT IS UPI? Payments Corporation of India (NPCI) under the
Unified Payments Interface (UPI) is a system that guidance of the Reserve Bank of India.
Sep 16-30, 2026 || NEW INDIA SAMACHAR 15
