Many Countries Are in Talks with India to Adopt UPI, Japan Among Them

Japan also expressed interest in joining hands with India’s digital payment system, Unified Payment Interface or UPI. Many countries have already approached India with interest in using UPI. Japan is also focusing on UPI while discussions on this issue are progressing with various countries.

India’s digital payment system has been brought to the attention of the Japanese government by a Japanese minister who was surprised to see the widespread use of UPI in the country during his visit to Delhi. Earlier this month, Japan expressed interest in joining the UPI system. Japanese Digital Minister Kona Taro recently visited India for official purposes. One of the top government officials said that some senior ministers had advised him to check for himself how widespread the use of UPI has become in India.

Also Read- Increase in number of counterfeit Rs 500 notes; RBI has found about 1 lakh in the financial year 2023

Kona Taro, the Japanese minister, tried to understand first-hand how the people of India use UPI. For that he visited a small tea shop in Delhi’s Khan Market. The minister was surprised to see that even in such a small shop, customers pay online by scanning the QR code. On his return to Japan, he convened a high-level meeting to discuss the use of UPI.’ The officer says.

About 40 countries have approached India to discuss the possibilities of using UPI, the official said. These countries are trying to explore digital payment possibilities by joining hands with India. Apart from Japan, Bhutan, Malaysia, UAE, Nepal, France, UK, Russia, Oman, Qatar, Australia, Thailand, Saudi Arabia, Singapore, Vietnam, Cambodia, South Korea and Bahrain have expressed interest in the UPI system.

71,564 million UPI transactions were recorded in India in the financial year 2022-23. The country has set a record for highest number of UPI transactions. In the new financial year, transactions have already crossed 15,000 million. The highest number of UPI transactions in the country took place in the month of April. A total of 8,863 transactions took place within a month. 14,15,504 crores were exchanged through UPI in the country during this one month period.

For the convenience of visitors from India and non-residents, steps are also being taken to accept UPI at shopping malls abroad. If that happens, the number of UPI transactions in the country will again skyrocket, shattering all these figures.

news","DFP":"okay"" data-lazy-fetch="true" data-loading-strategy="1" data-multi-size-validation="false" rtc-config=""vendors": "openwrap": "PROFILE_ID" : "5146","PUB_ID" : "113941","timeoutMillis": 1000" class="i-amphtml-layout-fixed i-amphtml-layout-size-defined" style="width:300px;height:600px;" i-amphtml-layout="fixed">377