The National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are actively engaged in discussions with the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, to implement this change.
India has seen a tremendous surge in digital payments through Unified Payment Interface (UPI) in the last few years. There is a good news that India’s UPI is now on its way to going global. Actually, soon payment can be made in dollars through UPI. The UPI system is ready for a special update, which will make transactions possible in dollars. According to the news of CNBC Awaaz, this will open the doors for uninterrupted transactions in currencies across the global limit.
NPCI and RBI are in discussion with SWIFT
According to the news, National Payments Corporation of India (NPCI) and Reserve Bank of India (RBI) are actively engaged in discussions with the Society for Worldwide Interbank Financial Telecommunication i.e. SWIFT to materialize this change. It said the integration aims to establish UPI as the most convenient and secure medium for cross-border digital transactions. SWIFT is a globally recognized system that acts as a medium for inter-country bank transactions.
New announcement from RBI regarding UPI
With this integration with SWIFT, doing international business through UPI will become streamlined and hassle-free. Before this, let us tell you, RBI Governor Shaktikanta Das announced an important decision regarding UPI during the Monetary Policy Committee (MPC) meeting on December 8. In this, the UPI payment limit for hospitals and educational institutions has been increased from Rs 1 lakh to Rs 5 lakh with immediate effect.
11.24 billion transactions recorded in November 2023
Let us tell you, UPI, India’s leading mobile-based payment system, empowers users to make instant, round-the-clock payments through Virtual Payment Address (VPA). According to data released by NPCI, 11.24 billion transactions were recorded in November 2023, taking the transaction value to Rs 17.40 trillion.
