RBI on mission to make UPI, RuPay truly global, Das says

The Reserve Bank of India (RBI) is focusing on expanding the usage of indigenous fintech products and solutions such as the Unified Payments Interface (UPI) and domestic card payment network RuPay globally, governor Shaktikanta Das said on Wednesday.

The deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at global merchant locations, and interlinking UPI with the fast payment systems of other countries for cross-border remittances are on top of RBI’s agenda, Das said.

“Notable progress in this direction has already been made in countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, France and a few other countries,” Das said at the Global Fintech Fest 2024 in Mumbai.

India has “engaged actively” in international fora and bilateral agreements to “foster economic cooperation. Going forward, strengthening financial infrastructure, including cross-border payment systems, will be key focus areas,” Das said

“India, with its tech talent and evolved fintech ecosystem, holds the potential to serve as a global hub for digital innovation and fintech startups. Building and strengthening strategic partnerships, reinforcing our commitment to international cooperation, developing institutions of excellence in the areas of technology and innovation across a wide spectrum will give the right impetus for our journey towards 2047,” Das said.

“These endeavors underscore collaborative efforts for adoption of India’s initiatives across the globe. I would like to compliment the National Payments Corporation of India (NPCI) and my colleagues in the Reserve Bank for what has been achieved so far, but we must resolve to do more in this national endeavor,” he added.

The RBI governor said India’s central bank digital currency (CBDC), or the digital form of fiat currency, which is in pilot stage, is another avenue for possible global cooperation.

“We are now utilizing features like programmability to provide credit or government assistance to landless tenant farmers and carbon credits to farmers through CBDC. While we have successfully demonstrated the interoperability of CBDC with retail fast payment systems like UPI, we continue to gain from our experimentation on off-line solutions,” Das said, adding that India will cooperate with other nations in their CBDC efforts.