Now UPI will be works in Israel

UPI Israel: India’s Unified Payment Interface (UPI) is expanding its reach globally. UPI is not only becoming popular within the country but is also gaining traction internationally. Numerous nations around the globe are adopting India’s digital payment system, UPI. Now, Israel is set to join the UPI network as well. During Prime Minister Narendra Modi’s visit to Israel, a significant agreement was established between the two nations concerning UPI. This collaboration will enable financial transactions in Israel using India’s UPI.

The global influence of UPI is on the rise

UPI has become so widely accepted in India that it has overtaken cash transactions. It is currently utilized in over eight countries, including Singapore, the UAE, France, and Nepal. As per India’s Ministry of Finance, 57% of all transactions in the nation are now conducted via UPI.

France: The first European nation to implement UPI in 2024. UPI has been used to buy tickets for the Eiffel Tower in Paris.

UAE: UPI was introduced in 2021, with QR code payments available at Dubai Mall and other major retailers.

Bhutan: The first neighboring country to adopt UPI payments through the BHIM app in 2021.

Nepal: Cross-border UPI transactions between India and Nepal are set to commence in 2024.

Mauritius: UPI and RuPay card services are scheduled to launch in 2024, with co-branded RuPay cards recognized as local cards in Mauritius.

Sri Lanka: UPI is set to launch in 2024, further enhancing the relationship between the two nations.

Singapore: UPI was introduced in 2023, enabling QR code payments at all retail outlets and tourist attractions.

Trinidad and Tobago: Payments can now be made through the BHIM app in the Caribbean nation of Trinidad and Tobago.

What exactly is UPI?

UPI is a digital payment platform that allows users to send and receive money instantly via their mobile devices. This system was created by the National Payments Corporation of India (NPCI). UPI facilitates direct transfers from your bank account around the clock. All you need is your mobile number, UPI ID, or QR code. This system removes the hassle of remembering IFSC codes or account numbers.