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India Seeks to Globalize Payment Systems, Keep Processing Local

The Reserve Bank of India will support internationalization of the country’s popular UPI digital payments system, part of its vision for the coming years.

“Enhanced interest evinced by major countries across the globe in India’s UPI could accelerate growth in trade and commerce with partnering countries while reducing speed and cost of remittances,” the central bank said in a Vision 2025 document. It will also explore expanding the SFMS financial messaging system across jurisdictions.