Minister of State for Finance Pankaj Chaudhary on Tuesday announced that the government and the Reserve Bank of India (RBI) are actively working to expand the global reach of UPI, which is now available in seven countries.
In a written reply to the Rajya Sabha, Chaudhary stated that the RBI’s Payments Vision Document 2025 includes a key objective to expand the international reach of UPI and RuPay cards.
"The government along with RBI has been taking various initiatives from time to time for expanding the global outreach of UPI. RBI has been collaborating with various relevant stakeholders (central banks of various countries, Bank of International Settlements, World Bank and other institutions) for expanding the outreach of UPI," he said.
Currently, UPI is live in Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka, and Nepal due to these concerted efforts.
In response to another query, Chaudhary mentioned that the government, RBI, and National Payments Corporation of India (NPCI) have been promoting RuPay cards, especially in Tier-II and Tier-III cities.
RBI has allowed the linking of RuPay credit cards with UPI to enhance their reach and usage, offering customers more convenient payment options.
Chaudhary highlighted that RuPay is among the top three payment service providers and the fastest-growing credit card network in India. Over 50% of the cards issued in June 2024 were RuPay credit cards. Additionally, 31.7% of transactions in June were processed via RuPay credit cards.
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