Japan "Serious" About Joining India's UPI Payment System: Japanese Minister Kono Taro
Unified Payments Interface (UPI), an instant real-time payment system developed by NPCI.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.
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