India offers UPI as a plug-and-play to other countries

Bengaluru: RBI Governor Shaktikanta Das on Monday offered India’s UPI system as a plug-and-play system for other countries to facilitate quicker and cheaper cross-border remittances among the community of nations.

Addressing the RBI@90 Global Conference here on ‘Digital Public Infrastructure and Emerging Technologies’, the RBI Governor said, “In this journey of attaining harmonisation and interoperability of payments among countries, a key challenge could be the fact that countries may prefer to design their own systems as per their domestic considerations. We can overcome this challenge by developing a plug-and-play system which allows replicability while also maintaining the sovereignty of respective countries.”

“India has made some progress in this direction and would be happy to develop a plug-and-play system for the benefit of the community of nations,” Das announced.

He explained that the UPI system has the potential to evolve into a cheaper and quicker alternative to the available channels of cross-border remittances. A beginning can be made with small-value personal remittances as it can be quickly implemented.