Africa-Press – Mauritius. After Singapore, the RBI is in talks with several countries, including Indonesia, the United Arab Emirates, and Mauritius, to set up a direct payment link of the Unified Payments Interface (UPI) with networks in these countries to enable speedier and less expensive fund transfers via mobile phones.
According to TOI, a senior RBI official informed reporters on the sidelines of the G20 finance ministers and central bank governors summit that other South American countries have also showed interest.
The central bank is exhibiting UPI and the Central Bank Digital Currency (CBDC), also known as the digital rupee, to delegates at the event in addition to allowing foreigners to utilise UPI.
The regulator and the government are anxious to expand UPI payment lines in order to speed up processing times, make cash transfers easier, and do away with the outrageous fees charged by banks. The Indian diaspora is believed to gain the most from the choice.
The use of UPI for non-resident Indians will also go into operation next month, allowing access to the tool through foreign phone lines, according to a representative of the RBI. Although being enabled, there were technical issues that prevented the tool from being used.
Officials from the RBI responded to inquiries regarding the central bank’s virtual currency by saying that they are striving to massively scale up the pilot in order to cover as many use cases in a closed user group as they can.
In the retail sector, where pilot projects are already being carried out in a number of cities, the RBI is now attempting to expand to new areas and include more institutions.
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