News Brief
PM Modi Calls For UPI Expansion In BRICS Countries; Cites UAE Success Story In Cross-Border Payments
PM Modi with Russian President Vladimir Putin at 16th BRICS Summit
Prime Minister Narendra Modi on Wednesday invited BRICS Nations to adopt India’s Unified Payments in their markets and welcomed steps for financial Integration amongst the nations.
PM Modi, while addressing the 16th BRICS Summit's open plenary session, hailed India's Unified Payment Interface (UPI) industry and said that the payment method has been adopted by many other countries.
"Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries," Modi said.
“Last year, together with His Highness Sheikh Mohamed, it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area," Modi added.
Launched in 2016, UPI is a system that powers multiple bank accounts into a single mobile application merging several banking features, seamless fund routing and merchant payments under a single platform.
Over time, the UPI has become one of the world's leading alternative payment method, surpassing China’s Alipay, PayPal, and Brazil’s PIX in transaction volume.
According to a study by the Reserve Bank of India (RBI), the share of digital payments more than doubled from 14-19 per cent in March 2021 to 40-48 per cent in March 2024.
In recent times, UPI has achieved global recognition, extending its availability to seven countries, including Bhutan, France, Mauritius, Nepal, Sri Lanka, Singapore, and the UAE.
UPI was introduced in Dubai on 28 March this year.
In addition, the President of Maldives, Mohamed Muizzu, on 21 October 2024 decided to take the necessary steps to introduce the Unified Payment Interface (UPI) in the island nation, following the recommendation of the Cabinet.
