RBI Executive Director says 20-25 countries have shown interest in using UPI

Reserve Bank Executive Director Vivek Deep said that a number of countries have shown interest in using UPI or collaborating with UPI's tag in some form or the other. He said that RBI is already in talks at various levels with the appropriate agencies in those countries.  

"There are a number of countries which have shown interest in using UPI or collaborating with UPI's tag in some form or the other so that they can can benefit from the UPI experience. We are already in talks at various levels with the appropriate agencies in those countries," Vivek Deep, Executive Director, RBI, told news agency PTI.

During the G20 Leadership Summit, the delegates came across the RBI innovation centre, which displayed the most cutting-edge Fintech ideas. A Digital India Experience Zone was also established so that international leaders can see the country's digital infrastructure such as UPI, Digilocker, Bhashini, Aadhar, e-Sanjeevani, and so on. 

According to a report, foreign delegates attending the G20 Summit were able to use e-Rupee and UPI for making payments in India, even if they do not possess an Indian bank account.

Kashyap Balakrishnan, the General Manager of the Department of Payments and Settlements at the RBI, said that foreign nationals previously lacked the option to utilise UPI or other digital payment systems while visiting India. However, now they have access to both UPI and e-Rupee for conducting transactions in India. 

One of the options available to foreign delegates was "UPI One World," the report said.  With this option, foreign visitors could make digital payments in India without the need for an Indian bank account.

It's worth noting here that UPI One World is not limited to G20 Summit attendees; it was introduced in February of the current year and is specifically designed for foreign visitors in India. This service operates as a prepaid payment instrument (PPI) integrated with UPI services.