UPI Glory In BIMSTEC Summit: India’s Unified Payments Interface (UPI) is waving the flag of its success all over the world. This initiative is now going to expand further, as Prime Minister Narendra Modi has proposed to BIMSTEC countries to link India’s UPI with their payment systems. The move is aimed at promoting trade, tourism and digital payments, which will further strengthen regional economic cooperation.
Importance of UPI in BIMSTEC countries
Trade and tourism will get a boost
The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) organization includes seven countries: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. Connecting India’s UPI in these countries will facilitate cross-border trade and tourism. This move will not only promote digital payments but will also give a new direction to regional economic cooperation.
Expansion of UPI
UPI has been used in these countries
India’s UPI has now made its mark in many countries of the world. It is being used in countries like Bhutan, Nepal, Singapore, Sri Lanka, Mauritius and Thailand. Apart from this, France is also included in the list of UPI. In India, 20 apps like BHIM, PhonePe, Paytm and Google Pay support international transactions, which are further increasing the global use of UPI.
How much transaction has been done through UPI so far?
The number of transactions through UPI has increased by 42% in the second half of 2024. According to Worldline’s “India Digital Payments Report for the second half of 2024”, UPI platforms like PhonePe, Google Pay and Paytm made up the largest share in transaction volume and value. These three apps accounted for 93% of the transaction volume by December 2024, while their share in the transaction value was 92%.
Contribution to the global expansion of UPI
The expansion of UPI is bringing a new revolution in digital payments. This initiative of Prime Minister Narendra Modi will also strengthen the economic relations between BIMSTEC countries. This step will give a new identity to India’s digital payment system in other countries, and at the same time business transactions will also be made more secure and simpler.