The Government of India is working to introduce the UPI payment service in other countries to facilitate easy travel for Indian citizens.
Recently, Prime Minister Narendra Modi visited France and discussed implementing UPI payments there.
Now, another country, Sri Lanka, has signed an agreement with India to adopt the Unified Payments Interface (UPI) service, making it the latest addition to the list of countries embracing UPI.
How UPI Works: Easy and Instant Mobile Payments
UPI is a mobile-based payment system that allows users to make instant payments at any time of the day.
It uses a Virtual Payment Address (VPA) for transactions. With UPI, people can conveniently make payments in Sri Lanka, just like in India, simplifying their travel experience.
In 2022, India provided significant assistance to Sri Lanka, including a $4 billion loan, to help the neighboring country cope with economic challenges.
The financial aid was utilized to purchase essential goods like food and fuel, helping Sri Lanka address its economic crisis.
UPI Expanding Globally: France and Singapore Embrace the System
France has started accepting UPI payments, and visitors can even use the UPI-powered Rupay card to purchase tickets at the iconic Eiffel Tower.
Additionally, Singapore has signed an agreement with India’s UPI to enable real-time, secure cross-border payments through PayNow, Singapore’s payment system.
