7 countries can implement India’s UPI and Aadhaar

Many countries want to use India’s key technologies to increase digitalization. The central government hopes that seven countries can sign contracts by March to implement technology platforms like Aadhaar and UPI developed in the country. Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said that Prime Minister Narendra Modi has decided to offer India’s technology platforms to help increase digitization in these countries.

Chandrashekhar at India Stack Developer Conference Said, “I hope five to seven countries can sign up for it by March.” As part of its responsibility of chairing the G20, the government plans to offer technology platforms like Aadhaar, UPI, DigiLocker and GSTN to many countries. Startups of the country can also benefit from this. Recently it was reported that the National Payments Corporation of India (NPCI) has allowed non-residents from 10 countries to transfer funds from NRE/NRO accounts using UPI.

NPCI, in a circular, had asked UPI stakeholders to put in place a mechanism by the end of April to allow non-residents holding NRE/NRO accounts to use international mobile numbers for transactions through the Unified Payments Interface (UPI). Will be allowed. This facility will initially be made available to non-residents in 10 countries including the US, Australia, Singapore, Hong Kong, Oman, Saudi Arabia and the United Arab Emirates.

Last month, UPI payments reached a record high of Rs 12.82 lakh crore. About 782 crore transactions took place on this platform in December. UPI payments in November were worth Rs 11.90 lakh crore. Earlier in October, payments through UPI had crossed Rs 12 lakh crore. The Department of Financial Services had said, “UPI has made a major contribution in bringing about a change in digital payments in the country. About 782 crore transactions worth Rs 12.82 lakh crore have taken place in December.” UPI is a real-time payment system through which transactions can be done from one bank to another. These transactions are easily done through mobile. There is no charge to pay for this. This means of payment is continuously increasing and 381 banks are involved in it. UPI is also helping a lot in furthering financial inclusion.