Expansion on UPI: List of Countries Now Accepting UPI

Synopsis

• France joins India and Bhutan in adopting UPI, expanding its global reach.
• UPI collaborations extend to Europe, Japan, and the US, facilitating cross-border transactions.
• UPI achieved a major milestone with 10.5 billion transactions in August 2023, showing its growing popularity.
• Bhutan leads the way, followed by UAE, Malaysia, Singapore, and more, in accepting UPI payments.
• NIPL partners with Liquid Group and AMF to promote UPI adoption in multiple countries.

France has recently joined India and Bhutan in adopting the Unified Payments Interface (UPI). The decision to use UPI in France was announced by NPCI International Payments Limited (NIPL) and Lyra, a leading French company specializing in secure e-commerce and proximity payments.

India’s UPI has gained global recognition, with successful initiatives in countries like Bhutan, UAE, Malaysia, Singapore, and more. This has opened up collaborations with regions such as Europe, Japan, and the US, facilitating cross-border transactions.

In August 2023, UPI achieved a significant milestone with 10.5 billion transactions totalling ₹15.7 lakh crore. This growth reflects the increasing reliance on UPI as a preferred method of digital payment.

Bhutan was the first country, after India, to implement UPI payments. Since then, several other countries have also started accepting UPI, including the United Arab Emirates, Malaysia, Singapore, Nepal, Oman, Qatar, Russia, France, Sri Lanka, Mauritius, and the United Kingdom.

In September 2021, Liquid Group partnered with NPCI International Payments Limited (NIPL) to introduce a UPI-based QR code payment system in various countries, including Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan. This implementation was planned for 2022.

Furthermore, NIPL continued its international expansion by signing an MoU with the Arab Monetary Fund (AMF) on March 8, 2022. The objective of this collaboration was to integrate UPI with the Buna Payment Platform, connecting central banks and financial institutions across the Arab region. This integration aimed to simplify cross-border transactions involving different currencies.

Countries Now Accepting UPI

As UPI gains popularity, more countries, including France, are embracing this digital payment system. This global expansion reflects the increasing trust and reliance on UPI for secure and convenient cross-border transactions.