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India to introduce UPI payment service in Maldives

Economic Times

Economic Times · 1y ago

India to introduce UPI payment service in Maldives

India and Maldives have signed an agreement to introduce the Unified Payments Interface (UPI) in the Maldives, which is expected to have a positive impact on its tourism sector. The UPI, developed by the National Payments Corporation of India, is an instant real-time payment system through mobile phones. India's External Affairs Minister, S Jaishankar, expressed his hopes of bringing this digital innovation to the Maldives, emphasizing the potential benefits it will bring to the tourism industry. The visit aims to strengthen the bilateral relationship and explore areas of cooperation between the two countries.

Related News

Maldives set to roll out UPI service to boost economy

YourStory

YourStory · 10m ago

Maldives set to roll out UPI service to boost economy

Maldives President Muizzu has taken steps to introduce India's Unified Payments Interface (UPI) in the country, aiming to benefit the economy. The UPI, developed by the National Payments Corporation of India, is a real-time payment system for mobile-based inter-bank transactions. Muizzu has formed a consortium led by TradeNet Maldives Corporation to implement the UPI and suggested the participation of banks, telecom companies, state-owned companies, and fintech firms. The move is expected to improve financial inclusion, transaction efficiency, and digital infrastructure in the Maldives, providing significant benefits to the economy heavily reliant on tourism.

After UAE, NPCI launches UPI in Nepal; Users can san QR codes to make payments

IndianStartupNews

IndianStartupNews · 1y ago

After UAE, NPCI launches UPI in Nepal; Users can san QR codes to make payments

NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), has partnered with Fonepay Payment Service Ltd, Nepal's largest payment network, to introduce Unified Payment Interface (UPI) for cross-border transactions. This collaboration allows Indian consumers to use UPI-enabled apps for QR-code-based person-to-merchant transactions in Nepal. The integration of UPI into Nepal's payment ecosystem not only strengthens ties between the two countries but also sets an example for future digital payment integrations globally. The partnership is expected to boost economic ties, commerce, and tourism between India and Nepal while promoting financial inclusion and economic prosperity.

RuPay launch in Maldives, new runaway at airport to ease transaction, boost connectivity

YourStory

YourStory · 10m ago

RuPay launch in Maldives, new runaway at airport to ease transaction, boost connectivity

- Inauguration of a new runway in the Maldives under an airport redevelopment project assisted by India - Launch of the RuPay card in the Maldives to boost economic ties and tourism cooperation between India and the Maldives - Joint virtual inauguration by Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu - Live transaction using a RuPay payment service card witnessed by the two leaders - India's Neighbourhood First policy and SAGAR vision underpinning the strong relationship between India and the Maldives - New runway at Hanimadhoo International Airport marks a significant milestone in the ongoing expansion project, with complete new infrastructure provided under an Indian Line of Credit of USD 132 million

India Unveils RuPay Card In Maldives Amid Push To Strengthen Bilateral Ties

Inc42 · 10m ago

India Unveils RuPay Card In Maldives Amid Push To Strengthen Bilateral Ties

Here are the bullet points: - India introduces RuPay card in Maldives during President Muizzu's visit - Aim is to boost financial cooperation and convenience for tourists and residents - RuPay card is now accepted in 185 countries and territories - India expands its digital payment systems globally - India has already expanded UPI to countries like Sri Lanka, Mauritius, and UAE - Reflects growing influence in global fintech sector.

Google Pay India signs pact with NPCI for global expansion of UPI

Economic Times

Economic Times · 1y ago

Google Pay India signs pact with NPCI for global expansion of UPI

Google India's digital payment service, Google Pay, has signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL) to expand the reach of UPI (Unified Payments Interface) to countries outside India. The collaboration aims to enable UPI-like digital payment systems in other countries, facilitate UPI payments for international travelers, and simplify cross-border financial exchanges. This partnership will help accelerate the global acceptance of UPI and provide foreign merchants access to Indian customers through UPI-powered apps like Google Pay.

Yes Bank partners with Juspay to launch HyperUPI; Know what it is

IndianStartupNews

IndianStartupNews · 1y ago

Yes Bank partners with Juspay to launch HyperUPI; Know what it is

Yes Bank has partnered with Indian fintech startup Juspay to launch HyperUPI, a plug-in service developed by the National Payments Corporation of India (NPCI) that enables in-app UPI payments for merchant apps. HyperUPI simplifies the payment process to a one-click transaction within the merchant's app, improving the speed and success rate of transactions. It also provides features like recurring payments and third-party validation. Yes Bank has utilized this infrastructure to develop the YES PAY NEXT payment service provider app, offering comprehensive UPI services.

NPCI to deactivate THESE UPI IDs by December 31, 2023

Livemint

Livemint · 1y ago

NPCI to deactivate THESE UPI IDs by December 31, 2023

The National Payments Corporation of India (NPCI) has instructed payment applications to deactivate UPI IDs that have been inactive for over a year by December 31, 2023. This is to prevent inadvertent fund transfers when customers switch their mobile numbers without unlinking them from their banking system. Third-party app providers and payment service providers must take necessary actions, and users must verify and update their UPI IDs and associated phone numbers accordingly. Deactivated UPI IDs and phone numbers must be re-registered for inward credit transactions.

Now, Indians Can Pay Using UPI In Nepal

Inc42 · 1y ago

Now, Indians Can Pay Using UPI In Nepal

The National Payments Corporation of India (NPCI) has announced that the Unified Payment Interface (UPI) is now live in Nepal, following a signed pact between NPCI International Payments Ltd (NIPL) and Fonepay Payment Service. The partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various stores in Nepal, facilitating QR-code-based person-to-merchant transactions between the two countries. This digital connection aims to strengthen people-to-people ties and promote economic prosperity in the region. Similar cross-border UPI deployments have been made in countries such as Sri Lanka, Mauritius, Bhutan, UAE, and Canada.

UPI Rule Changes from August 1: Daily Limits, Auto-Debit & API Restrictions Explained

StartupTalky

StartupTalky · 1m ago

UPI Rule Changes from August 1: Daily Limits, Auto-Debit & API Restrictions Explained

From August 1, the National Payments Corporation of India (NPCI) will implement new rules for the Unified Payment Interface (UPI) to enhance transaction functionality. These include daily limits on balance inquiry requests, restrictions on API usage such as Autopay, and specifications for retry attempts. UPI financial transactions should avoid peak hours to reduce congestion. Payment Service Providers must comply with these changes by July 31, 2025, or face potential penalties and restrictions.

India To Integrate UPI With Malaysia’s PayNet: PM Modi

Inc42 · 1y ago

India To Integrate UPI With Malaysia’s PayNet: PM Modi

Prime Minister Narendra Modi has announced the establishment of an India-Malaysia startup alliance to promote collaboration between tech companies in both countries. He also emphasized the need to enhance cooperation in sectors like semiconductors, fintech, defense, artificial intelligence (AI), and quantum computing. This announcement follows the recent agreement between India and Maldives to implement Unified Payments Interface (UPI) in the island nation.

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