RBI and NIPL Aim to Extend UPI to 20 Countries by 2028-29: RBI Annual Report
According to the Payments Vision Document 2025, the RBI is in discussions with central banks of various countries to establish collaborative arrangements.
The RBI’s Annual Report outlines plans to expand the reach of UPI and RuPay globally, in line with the goals set for Viksit Bharat 2047. Collaborating with NPCI International Payments Ltd. (NIPL), the RBI aims to introduce UPI services in 20 countries by FY29, starting from 2024-25. Additionally, the report mentions the exploration of partnerships for Fast Payment System (FPS) with entities such as the European Union and the South Asian Association for Regional Cooperation (SAARC), along with considering multilateral connections.
The RBI’s Payments Vision Document 2025 emphasizes expanding the global presence of UPI and RuPay cards as a key objective within its internationalization strategy. Collaborative discussions are underway between the Reserve Bank and various central banks to facilitate this expansion.
In July 2023, the RBI and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) to interlink their payment infrastructures. This agreement entails cooperation between India and the UAE to connect their Fast Payment Systems, linking India’s UPI with UAE’s Instant Payment Platform (IPP) named Aani. Both nations have also agreed to integrate their respective Card Switches (RuPay switch and UAESWITCH).
In February 2024, connectivity for RuPay cards and UPI between India and Mauritius was launched. This connectivity enables Indian travelers in Mauritius to make payments to local merchants using UPI apps. Similarly, Mauritian travelers in India can utilize Mauritius’ instant payment system apps for transactions.
In February 2024, the launch of UPI connectivity between India and Sri Lanka facilitated Indian travelers to conduct QR code-based payments at merchant outlets in Sri Lanka through UPI apps.
The Reserve Bank of India and Nepal Rastra Bank are currently investigating the integration of India’s UPI platform and Nepal’s National Payments Interface to facilitate cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) entered into a memorandum of understanding (MoU) for this purpose.
In both France and Nepal, QR code-based UPI payments are already accepted for merchant (e-commerce) transactions. India has established various collaborations with seven countries to enable UPI payments.
