The Central Minister Pankaj Chaudhary has stated that the Government and Reserve Bank of India (RBI) has proposed the interlinking of UPI with the Fast Payment Systems of other Countries to facilitate the cross border transactions 24×7.
The minister, while answering to the query raised in the Lok Sabha has stated that “ It is the endeavour of Government of India and the Reserve Bank of India (RBI) to interlink Unified Payments Interface (UPI) system with the fast payment systems of other countries to facilitate cross-border payments. Interlinking of UPI with fast payment systems of other countries provides 24×7 real-time and cost-effective cross-border remittance facility for the users with increased convenience and transparency. Such facility has already been made live with Singapore w.e.f. February 2023. This will help Indian customers to send and receive money directly through UPI which in turn brings down the average cost of these cross-border remittances from Singapore to India and vice-versa.”
Additionally, it was mentioned that the government has introduced a scheme to encourage UPI usage, titled the “Incentive scheme for promotion of RuPay Debit cards and low-value BHIM-UPI transactions (P2M).” A dedicated initiative has been initiated by the government for the digital onboarding of street vendors under the PM SVANidhi Scheme.
Moreover, the government has rolled out innovative products specifically focused on UPI, such as 123Pay, UPI LITE, UPI LITE X, Linkage of RuPay Credit Card on UPI, and Credit Line on UPI. Regular awareness campaigns, including media initiatives, are being conducted by the government in collaboration with various Ministries/Departments and relevant stakeholders.
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