India’s UPI payment developer eyes diaspora for growth
The National Payments Corporation of India, which developed the Unified Payments Interface, is in talks with Japan, Malaysia and Bahrain to expand cross-border payments.
India's Unified Payments Interface (UPI) payment developer aims to expand globally by targeting the country's significant diaspora, according to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI). UPI has revolutionized everyday payments in India through instant, mobile-based transfers, and NPCI seeks to replicate this success abroad.
The operator is in discussions with several countries, including Japan, Malaysia, and Bahrain, to make UPI a preferred method for cross-border transactions. NPCI also explores integrating AI technology, such as OpenAI's ChatGPT and Alphabet Inc's Gemini, to enable payments through platforms like Google Pay and PhonePe. The overseas expansion aims to leverage India's 35 million-strong diaspora, which contributed over US$155 billion in remittances in the fiscal year ending March.
Asbe emphasizes that countries are increasingly seeking control over their payment systems after Western sanctions isolated Russia from the SWIFT system and froze its foreign exchange reserves.
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