New Zealand is embracing India’s Unified Payments Interface (UPI) for digital payments, according to Trade and Investment Minister Todd McClay. He highlighted New Zealand’s openness to modernizing its economy and the ease facilitated by the Free Trade Agreement with India. McClay mentioned the potential for business collaborations between the two countries, with New Zealand eyeing investments in India and vice versa.
Prime Minister Narendra Modi’s visit to New Zealand included discussions on integrating India’s UPI with Indonesia’s payment system to enhance cross-border retail transactions for tourists and businesses. The recent expansion of UPI to Greece has enabled instant and cost-effective money transfers for eligible customers. UPI has now become the world’s largest real-time payment system, accounting for nearly half of global real-time transactions and being accepted in nine countries for merchant payments and remittances.
