Several Countries Express Intent To Adopt UPI, Says NPCI MD

Dilip Asbe said UPI can reach the milestone of a 'billion transactions a day' in the next two-three years from a peak of around 280 million transactions at present

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By Teena Jose

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National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe, on Monday, said that several countries have expressed their intent to adopt home-grown Unified Payments Interface (UPI), and India will provide the technical know-how, software and handholding support to these countries, according to a FE report.

While speaking to the reporters on the G20 meet, Asbe said in a statement that, "We have received the intent from several countries. We are in the process of working out the details. We will provide the technical know-how, software etc. It might take another 12 months to sign up. The objective is whether we can look at a million dollar implementation in a smaller country."

According to Asbe, UPI can reach the milestone of a 'billion transactions a day' in the next two-three years from a peak of around 280 million transactions at present. He reportedly remarked that, "Smaller countries, where cost of development and implementation of a digital payments platform is a concern, can be supported by NPCI through handholding and training going forward."

Speaking at the same event, Monetary Authority of Singapore's chief fintech officer Sopnendu Mohanty reportedly said that, "The integration of UPI and an equivalent network in Singapore called PayNow is expected to start soon. The integration of India's UPI and Singapore's PayNow has the potential to bring down remittance cost by 10%. The interoperability of the two digital payments networks can aid a multi-fold growth in remittances between the two countries."

Dubai is another country where opportunities are being explored by NPCI for cross border remittances, stated the report citing officials present at the G20 meeting.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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