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India, Ghana agree to operationalise UPI on Ghana's payments system in 6 months

IndianStartupNews

IndianStartupNews · 1y ago

India, Ghana agree to operationalise UPI on Ghana's payments system in 6 months

India and Ghana have agreed to integrate India's Unified Payments Interface (UPI) with the Ghana Interbank Payment and Settlement Systems (GHIPSS) in the next six months. This move aims to facilitate seamless and instant fund transfers between the two countries, enhancing ease of payments for users in both regions. The initiative aligns with India's broader goal of promoting UPI adoption in international markets. The Joint Trade Committee (JTC) meeting between India and Ghana also discussed a Memorandum of Understanding on digital transformation solutions and the Local Currency Settlement System. Bilateral trade between India and Ghana reached $2.87 billion in 2022-23.

Related News

India To Link UPI To Ghana’s Interbank System In Next Six Months

Inc42 · 1y ago

India To Link UPI To Ghana’s Interbank System In Next Six Months

The National Payments Corporation of India (NPCI) has announced plans to implement the Unified Payments Interface (UPI) system in Ghana within the next six months. The move is part of a joint effort between India and Ghana to enhance bilateral trade, with a focus on digital economy and infrastructure. NPCI's international arm, NPCI International Payments Limited (NIPL), recently signed an agreement with the Bank of Namibia to develop a similar digital payments system for the African country. UPI continues to gain momentum, with India accounting for 46% of global digital transactions in April.

ICICI Bank Allows UPI For NRIs With Non-Indian Mobile Numbers

Inc42 · 1y ago

ICICI Bank Allows UPI For NRIs With Non-Indian Mobile Numbers

ICICI Bank has introduced a new feature that allows Non-Resident Indian (NRI) customers to use their international mobile numbers for Unified Payments Interface (UPI)-powered bill payments and transactions in India. The bank has partnered with the National Payments Corporation of India (NPCI) for this initiative, which covers mobile numbers from ten countries including the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia. This move aims to leverage NPCI's UPI infrastructure to strengthen and transform the global digital payments ecosystem. UPI is also expanding to countries such as Ghana and Nigeria in the near future.

RBI Expects UPI Transactions To Soon Hit 1 Bn

Inc42 · 8m ago

RBI Expects UPI Transactions To Soon Hit 1 Bn

RBI governor Shaktikanta Das expects Unified Payments Interface (UPI) transactions to reach one billion in the upcoming months, doubling the current volume of 500 million transactions per day. Das highlighted the efficiency UPI has brought to the payments system during his speech at a banking seminar in Washington, DC.

RBI directs NPCI to examine Paytm's request for being third-party app for UPI

Livemint

Livemint · 1y ago

RBI directs NPCI to examine Paytm's request for being third-party app for UPI

The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to evaluate Paytm's request to become a third-party application provider for unified payments interface (UPI) payments. The RBI has also prohibited Paytm Payments Bank from receiving further credits after March 15, 2024. If approved, Paytm will require the support of several banks to continue processing UPI payments. The directive aims to ensure seamless digital payments for UPI customers using the Paytm app and minimize concentration risk in the UPI system. Paytm is the third largest app for UPI payments in India.

UPI enabled significant expansion of credit among underserved borrowers: Study

Livemint

Livemint · 7m ago

UPI enabled significant expansion of credit among underserved borrowers: Study

A study has found that the Unified Payments Interface (UPI) in India has enabled underserved borrowers with no credit history to access formal credit. UPI, launched in 2016, has transformed financial access in the country, with 75% of retail digital payments made through the system by October 2023. The payment system, built as an interoperable protocol, allows third-party vendors to provide payments as a service to customers of participating banks, enabling lenders to make credit decisions based on transaction data. The study also highlighted the rapid scaling of fintech lenders and the positive impact of UPI adoption on credit availability.

UAE mein UPI karo: PM Modi launches UPI, Rupay services in Abu Dhabi

IndianStartupNews

IndianStartupNews · 1y ago

UAE mein UPI karo: PM Modi launches UPI, Rupay services in Abu Dhabi

Prime Minister Narendra Modi launched UPI (Unified Payments Interface) and RuPay services in Abu Dhabi, enabling easy money transfers between India and the UAE. This move is part of India's plan to extend its UPI payment system globally, following its successful adoption within the country. The UPI system has been widely used in India, especially during the COVID-19 pandemic. Various countries, including Sri Lanka, Mauritius, Bhutan, France, UAE, Oman, Singapore, and potentially Nepal, have already adopted or are planning to adopt UPI payments.

Fintech startup Navi looks to launch new products; tap credit opportunities around UPI

Economic Times

Economic Times · 11m ago

Fintech startup Navi looks to launch new products; tap credit opportunities around UPI

Fintech startup Navi, founded by Sachin Bansal, is planning to update its Unified Payments Interface (UPI)-based payments system and explore opportunities related to credit on UPI. Bansal expressed his interest in changing the way users interact with UPI through new product offerings on Navi. The National Payments Corporation of India allows credit transactions through UPI via RuPay credit cards or pre-sanctioned credit limits. Navi, initially a consumer lending platform, now offers larger personal loans, secured credit options, insurance broking, and asset management services. Despite competition, Google Pay and PhonePe hold a significant share of the UPI payments market.

UPI to enter North America, other Middle-Eastern countries soon: NIPL CEO Ritesh Shukla

Money Control

Money Control · 2y ago

UPI to enter North America, other Middle-Eastern countries soon: NIPL CEO Ritesh Shukla

Ritesh Shukla, CEO of National Payments Corporation of India (NPCI), stated that Unified Payments Interface (UPI) will soon expand its services to North America and other Middle Eastern countries. UPI, a popular digital payment system in India, aims to replicate its success and provide convenient and secure payment options to users in these regions. NPCI is working on partnerships to facilitate UPI's global expansion.

RBI permits UPI transactions via prepaid payment instruments using third-party apps

YourStory

YourStory · 6m ago

RBI permits UPI transactions via prepaid payment instruments using third-party apps

The Reserve Bank of India has allowed prepaid payment instruments (PPI) holders to make and receive Unified Payments Interface (UPI) payments through third-party mobile applications. Only full-KYC PPI holders will be able to make UPI payments by linking their customer PPIs to their UPI handles. This move by the RBI aims to provide more flexibility to PPI holders such as gift cards, metro rail cards, and digital wallets. UPI is an instant real-time payment system developed by the National Payments Corporation of India. PPIs are instruments that enable the purchase of goods and services and provide remittance facilities.

India in talks with south american & african nations to introduce UPI

Inc42 · 1y ago

India in talks with south american & african nations to introduce UPI

The Indian government is in discussions with multiple South American and African countries to introduce the Unified Payments Interface (UPI) and RuPay cards. Officials from the Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) are engaging with counterparts, embassies, and high commissions in these nations. The talks aim to internationalize UPI, following NPCI International CEO Ritesh Shukla's statement that UPI will expand to double the number of countries it operates in over the next 12-18 months. India is also exploring UPI expansion with countries like Namibia, Mozambique, and Kenya.

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