India promotes expansion of its unified payment interface for BRICS

Published at: 02/12/2024 12:33 PM

Authorities in India highlighted on Monday the proposal to expand the country's unified payment interface (UPI) within the BRICS, to further project remittance flows between its members and improve financial inclusion.

According to the Indian Ministry of Finance, UPI is currently operating in key markets such as the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.

In a statement, the entity added that this expansion allows Indian consumers and businesses to make and receive payments without problems, even while living or traveling abroad.

In October 2024, UPI, launched in 2016 by the National Payments Corporation of India (NPCI), reached a historic milestone by processing more than 16 billion financial transactions in a single month, according to official sources.

The unified payment interface revolutionized the country's payment ecosystem, integrating multiple bank accounts into a single mobile application. This system allows seamless fund transfers, payments to merchants, and peer-to-peer transactions, offering users flexibility through scheduled requests.

Mazo News Team