Unified Payments Interface or UPI has become synonymous with seamless digital payments. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has rapidly evolved into a groundbreaking payment system that is revolutionizing the way Indians transact. It has become a global benchmark for hassle-free payments through mobile phones.
UPI has also transformed the way businesses operate in India. From street vendors to e-commerce giants, businesses of all sizes now leverage UPI to accept payments. QR code-based payments have become ubiquitous, allowing even small merchants to embrace digital transactions without the need for costly point-of-sale systems. Now, with UPI Global, which is a low cost remittance infrastructure, it is all set to spread its reach to every corner of the world.
To make a UPI payment, one just needs to take their mobile phone, scan and pay the amount. Apart from India, there are many countries where one can make payments via UPI including Singapore and UAE. While, several Asian countries are in the pipeline.
‘UPI Global and One World’ at the Global Fintech Fest 2023
The Global Fintech Fest held a Masterclass on ‘UPI Global and One World’ which delved into the opportunities and challenges of building a unified UPI network that transcends borders, facilitates international trade, and empowers individuals and business across the globe.
The masterclass was led by Deep Shah, Senior Lead Product Manager, UPI, NPCI, and Varun Kulkarni, Senior Associate Product Management UPI, NPCI. UPI global acceptance means that Indian Indian customers can pay international merchants using UPI and international customers use their payment apps via UPI for transactions at Indian merchants.
With UPI Global, cashless payments become easier no matter where you go. UPI Global enhances the user’s journey involving transparent charges or no hidden charges. Some of the major challenges in remittances in other countries are high cost, Lack of transparency and limited access, slow processing time – on an average it takes three days to make a successful transaction in any country and compliance requirements that are specific to countries.
Working on the solution
UPI is working on the solutions to the above mentioned challenges and is trying to solve it soon. It was further informed at GFF that entering a mobile number would further automatically identify and enter the bank account linked with it and will send a request to any payment platform.
UPI One World
UPI One World is the Prepaid Payment instrument linked to UPI provided to foreign nationals/NRIs coming from G20 countries.
How to avail UPI One World
- Do KYC
- Load Money
- Experience UPI P2M
- Close wallet redemption
UPI Globe: Activation
The masterclass also explained how to activate UPI Global. The customer app initiates an activation request to UPI while the remitter bank validates the request and approves or declines it.
For QR validation the customer app scans QR and sends validation requests to NPCI and the NPCI validates QR and processes for currency conversion.