UPI: After Sri Lanka-Mauritius, India’s UPI will now work in this neighboring country, know how you can use it
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UPI: The whole world is going crazy about Unified Payment Interface (UPI), India’s most secure payment digital interface. After Sri Lanka and Mauritius, now you can easily use the UPI platform in the neighboring country Nepal also. For this, the central banks of India and Nepal – Reserve Bank of India (Reserve Bank of India) and Nepal Rastra Bank have signed an agreement for the integration of Unified Payment Interface (UPI) and National Payment Interface (NPI). reserve Bank of India (rbi) said in the statement that the formal start of the integration or start of operations will be done at a later date.
Payment process will be faster
The Reserve Bank said that the purpose of this integration is to facilitate cross-border remittances between India and Nepal by enabling instant, low-cost money transfers to the users of both the systems. RBI said the collaboration between India and Nepal in linking their faster payment systems through UPI-NPI integration will further deepen financial connectivity and strengthen the enduring historical, cultural and economic ties between the two countries. Based on the terms of reference signed between RBI and NRB, necessary mechanism will be put in place to interconnect UPI and NPI of Nepal.
Service started in two more countries this month
This month, UPI service has also started in Sri Lanka and Mauritius. The launch of Indian services in Sri Lanka and Mauritius comes against the backdrop of India’s growing bilateral economic ties with both the countries. With this, UPI service will be available to Indian citizens traveling to Sri Lanka and Mauritius as well as citizens of these countries traveling to India. Let us tell you that already UPI payment is being used in France, Singapore, UAE, Nepal and Bhutan.
What is UPI?
Unified Payment Interface (UPI) is an Indian financial system designed to simplify personal and business transactions. It was launched in 2016 by National Payment Corporation of India (NCPL). It handles financial transactions between different banks and financial institutions in a fast, secure and permanent manner. UPI is an important part of digital financial services in India and is used to make transactions between people secure and simple. UPI facilitates users to send money and conduct transactions from their personal and business accounts to the accounts of other users. Provides various user interfaces to make the app and design user friendly. Sending and receiving money through UPI is very fast and simple. It supports various Indian languages, making personal and business transactions much easier.
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