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UPI is known as the Unified Payments Interface. It's completely transformed how we send and receive money in India. We can easily send money or make a payment instantly, there's no need for any cash, cards or hassle. UPI is expanding its reach beyond borders and allowing users to make international transactions directly from their UPI apps. Don't you think it sounds futuristic? It's already happening.
What is UPI International?
UPI International is an extended version of India's UPI network that enables cross-border payments using the same UPI interface, and with this feature, you can now pay businesses and merchants abroad or send money while travelling, using Indian apps like Gpay, Paytm, PhonePe PE or BHIM Apps.
This new step the part of NPCI's (National Payment Corporations of India) mission to globalise UPI and make India's digital payment more accessible around the world.
UPI International, where can you use it?
UPI International is live in many countries, like Singapore, Bhutan, Nepal, Sri Lanka, etc. This country has signed a partnership with NPCI for all UPI-based transactions at supported merchants and platforms.
Example - You can pay in the UAE Mall or a restaurant using your Indian UPI apps, and in Singapore, you can send money via UPI to a local number linked with Paynow.
There are more countries, including the UK, Australia and the US.
How does it work?
1. Enable International - go to upi app settings and enable the International UPI option. This may involve an extra layer of verification.
2. Link your International Bank account - there are many banks like SBI, ICICI, AXIS BANK and HDFC. This Bank supports these features, and you must have International transactions enabled.
3. Scan and pay - at the merchant's location aboard, simply scan the QR code (if it supports UPI or NPCI). The Mount will be shown in the INR and local currency.
4. Transaction limit - Right now, the daily limit is 100000 or equivalent, depending on the country and Bank.
Charges and Currency conversion
Yes, currency conversion charges apply, and they depend on your bank's forex rates and which are usually more expensive than credit card fees abroad and making your place a smart option for Indian tourists for business travelers.
However, International payments like in money to friends and family abroad using UPI are still limited; that feature may roll out in future phases.
This is a big deal, but how?
It can remove the dependency on cards for foreign currency while travelling, and it is more secure and cheaper than cards for cash withdrawal, and also promotes India's digital payment system globally by increasing trust in the Indian fintech ecosystem.
Conclusion
UPI International is a major leap in digital finance, and it's still in its early stages. Its potential is huge. Imagine a future where you can walk into a shop in London or Dubai and you pay with your Indian no card no cards just your phone.If you travel anywhere so just if an eye on this is face up I'm not just going global, but it's making global payment easier for Indians, one QR code at a time.
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