The Unified Payments Interface (UPI) has expanded its reach to over eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, showcasing India’s prowess in digital payments. This international adoption of UPI is enhancing remittances, fostering financial inclusion, and solidifying India’s standing in the global fintech sector.
In a statement to the Parliament, Minister of State for Electronics and IT, Jitin Prasada, revealed that the government has inked MoUs/agreements with 23 nations to collaborate on India Stack/Digital Public Infrastructure (DPI). These agreements aim at replicating and adopting India’s digital governance platforms, focusing on digital identity, payments, data exchange, and service delivery platforms under the India Stack framework.
Furthermore, the government has taken steps to share the success of India’s Digital Public Infrastructure (DPI) worldwide. The India Stack Global platform showcases the country’s DPI and facilitates its adoption by friendly nations, offering access to 18 key digital platforms. The Global DPI Repository, launched during India’s G20 Presidency in 2023, serves as a global knowledge hub, with India contributing the highest number of DPI solutions, including Aadhaar, UPI, CoWIN, and other essential digital solutions.
The National Payments Corporation of India (NPCI) data revealed a significant growth in UPI transactions, with a 28% increase in transaction count year-on-year, reaching 21.70 billion in January. Additionally, there was a 21% annual growth in transaction amount, totaling Rs 28.33 lakh crore.
