UPI Now Accepted in Sri Lanka
The Unified Payments Interface (UPI) has done a lot to change how digital payments are made in India. Now, countries other than India are using this new payment service. The most recent country to use it is Sri Lanka. During his two-day trip to India, Sri Lankan President Ranil Wickremesinghe and Indian Prime Minister Narendra Modi signed a deal. This helped UPI gain a good reputation in Sri Lanka’s business world.
India-Sri Lanka Collaboration
India and Sri Lanka do more than just adopt UPI together. The two countries are also doing feasibility studies on oil pipes and land bridges to improve trade and economic cooperation. This move could help the two countries connect and deal better, which would be good for both of them.
By giving Sri Lanka money, India is making their bond even stronger. India gave Sri Lanka about 30,000 crores Rupees ($4 billion) in financial help in 2022. This money came in the form of lines of credit. During Sri Lanka’s economic disaster, this help was very important because it allowed the country to buy things like food and fuel.
UPI Goes Global: Other Countries Embrace the Payment System
After UPI in Sri Lanka, this isn’t the only country that uses India’s UPI payment service. During Prime Minister Modi’s trip to France, it was reported that UPI payments would be accepted in the European country, starting with the Eiffel Tower. With this change, Indian tourists will be able to use their own currency to pay to visit the famous spot.
UPI payments are used in more places than just France. The PayNow system in Singapore and the UPI system in India have made a deal to make it easier, faster, and safer to send money across borders. This deal is a big step toward making the economies of the two countries work together better.
India and the UAE also worked together to add UPI to the UAE’s Instant Payments Platform (IPP). The Reserve Bank of India (RBI) and the Central Bank of the UAE have signed an MoU to link their payment and message systems. People from both countries will find it easier to do business with each other across lines because of this integration.
Also, the National Payments Corporation of India (NPCI) is constantly talking with many other countries, such as the USA, Europe, and West Asia, to make UPI services available in more places around the world.
Impressive Figures and Growth Prospects
There has been a lot of increase and use of the UPI in India. In 2022, the RBI said that about 73% of all non-cash purchases in India were done with UPI. The huge amount of Rs 139.2 trillion that UPI transactions were worth in FY23 shows how many people use and trust this payment system.
According to a study from PwC, there will probably be 1 billion UPI transactions every day by 2026 or 2027. This fast rise shows how easy, quick, and trustworthy UPI is. According to the same study, about 90% of all non-cash transactions will be UPI transactions. This will show even more clearly that UPI is the most popular way for people in India to pay online.
In India, the Unified Payments Interface (UPI) has changed everything. It has changed how digital payments are made in India and is now moving to other countries. With UPI in Sri Lanka, the number of countries that use it keeps growing. This is good for the business and makes things easier for people who use it.
The success of UPI in India and the fact that more and more countries are starting to use it show how innovative solutions could change the future of business and banking. As more countries see how useful this easy-to-use payment system is, we can expect to see more global progress in the area of digital payments.