After Singapore, the RBI has started discussions with other countries Mauritius, Indonesia and the UAE for directly linking India’s Unified Payments Interface (UPI) with payment networks in these nations for quicker and cheaper fund transfers through mobile phones.
Other Latin American nations have also expressed interest, a senior RBI official told journalists on the sidelines of the G20 finance ministers and central bank governors conference in Bengaluru.
The move will make cash transfers easier and eliminate the exorbitant fees levied by banks. The Indian diaspora will benefit immensely from the move as it will be both quicker and easier to send remittances.
According to an RBI official, the use of UPI for non-resident Indians will also become operational next month, enabling access to the facility through international phone numbers.
