Key Points
Last month, when delegates of the Group of 20 (G20) nations arrived in New Delhi, they were given the taste of one of Indias most successful creations: the Unified Payments Interface (UPI)..
That was just one of the various ways UPI has gone global in recent years: the system is already accessible in some form or the other in close to two dozen countries...
Following UPIs local success, the National Payments Corporation of India (NPCI) set up an arm called NIPL (NPCI International Payments Limited) in 2020 to take the payments system outside the country..
In some cases, it is meant to aid remittances by NRIs, but in most, it is meant to help Indians make seamless payments while travelling abroad, without needing the traditional forex card or cash. ..
In India, real-time transactions are projected to grow from 89 billion in 2022 to 235 billion in 2027, and paper-based payments share in all transactions is set to decline from 45% to 22%, the ACI Worldwide report said..
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