Japan "Serious" About Joining India's UPI Payment System: Japanese Minister Kono Taro
Japan's Minister of Digital Affairs, Taro Kono, has stated that Japan was "serious" about joining India's UPI payment system.
This move would allow cross-border transactions between Japanese residents and other countries such as India, Singapore, and Thailand, who are also joining the network.
According to Taro, UPI is a very convenient payment system that could help improve the interoperability of payment systems.
"Japan and India are trying to promote digital co-operation. We are serious about joining India's UPI payment system and also contemplating how we can mutually recognise EID, starting with co-operation to increase interoperability," Taro told WION News on Thursday (18 May).
Taro stated that UPI is a “very convenient system of payment” which “can increase interoperability between governments”.
“It could be another standard of cross-border payment,” he said.
Apart from Singapore, Thailand and UAE, several other countries including Bahrain, Mauritius and Indonesia have also expressed interest in UPI.
Taro further said that G7 countries have agreed to establish a new framework with a new secretariat on cross-border data flow.
"We are hoping that the Indian government will join this framework," he added.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.