India’s digital payment system, UPI, is set to expand to another country. India and Indonesia have agreed to connect their digital payment systems.
Once this partnership is implemented, Indian travelers and businesses will be able to make payments in Indonesia using UPI. Similarly, people from Indonesia will be able to use their QR-based payment system in India.
What Is the Agreement About?
During a meeting between Prime Minister Narendra Modi and Indonesian President Prabowo Subianto, both countries agreed to strengthen cooperation in digital payments.
As part of this plan, they will work towards linking India’s UPI with Indonesia’s QRIS payment system.
How Will It Benefit the Public?
After the system becomes operational, Indians visiting Indonesia will no longer have to exchange currency frequently or depend on international debit or credit cards for payments.
They will be able to pay simply by scanning a QR code through UPI.
Likewise, Indonesian visitors traveling to India will be able to make digital payments using their country’s QR-based payment system, making transactions faster and more convenient.
Cooperation Beyond Digital Payments
India and Indonesia have also agreed to expand cooperation in several other sectors. These include fintech, artificial intelligence (AI), digital infrastructure, startups, education, critical minerals,
and supply chains. Both countries also discussed ways to strengthen their overall economic partnership.
UPI’s Growing Global Reach
Over the past few years, UPI has expanded its presence in several countries. The proposed partnership with Indonesia will further boost India’s global digital payments network.
It is also expected to create new opportunities for Indian fintech companies as UPI continues to grow internationally.
