Indian residents in Qatar can now send funds directly to UPI-enabled bank accounts in India through Qatar Post outlets, the Ministry of Communications said on Monday. According to an official statement by the ministry, the new Qatar-India remittance service based on PosTransfer powered by UPI enables customers in Qatar to initiate money transfers by visiting a Qatar Post outlet and providing the UPI ID of the recipient in India, along with the required customer identification details. The ministry said, "New digital postal remittance service enables fast, secure and convenient transfer of funds from Qatar to India". It also added that the recipient in India needs to activate the facility for receiving foreign inward remittances through the UPI app being used. Once activated, the remitted amount is credited instantly to the beneficiary's UPI-enabled bank account. The service became available in Qatar on August 15, 2026, coinciding with India's Independence Day. The Ministry said the service has been developed through a collaboration between Qatar Post, India Post, the Universal Postal Union's Interconnection Platform (UPU-IP), and NPCI International Payments Limited (NIPL). The initiative combines the reach of postal networks with India's digital public infrastructure to provide an efficient and convenient channel for cross-border remittances, the Ministry said. Customers can initiate transactions ranging from QAR 10 to QAR 4,000, subject to a maximum equivalent of Rs 1,00,000 per transaction. A flat service charge of QAR 15 per transaction is applicable. The service is expected to be particularly significant for the large Indian community in Qatar, providing a channel to send money to families in India through the postal network. The Ministry said the service combines the accessibility of postal networks with UPI and contributes to greater financial inclusion and seamless digital financial connectivity between India and Qatar. The service was made available in Qatar on August 15. The Ministry said the engagement underscored the importance of the initiative in strengthening digital financial connectivity and bilateral cooperation between India and Qatar. The Qatar-India corridor also marks a step towards modernising international postal financial services, according to the Ministry. It said the integration of the UPU-IP with India's UPI ecosystem demonstrates the potential of postal networks and digital public infrastructure to facilitate inclusive, interoperable and efficient cross-border financial services. PosTransfer powered by UPI is an international inward remittance service enabled through the integration of the UPU-IP with India's UPI ecosystem. It allows participating postal operators to provide customers with a simple and secure mechanism to send remittances to UPI-enabled bank accounts in India. The Ministry said India Post is also working with postal operators in other countries to operationalise additional PosTransfer powered by UPI corridors. These efforts are aimed at further strengthening international financial connectivity for the Indian diaspora, while expanding the use of India's digital public infrastructure for cross-border remittances.&nbsp;

The initiative combines the reach of postal networks with India's digital public infrastructure to provide an efficient and convenient channel for cross-border remittances, the Ministry said.

Indian residents in Qatar can now send funds directly to UPI-enabled bank accounts in India through Qatar Post outlets, the Ministry of Communications said on Monday. According to an official statement by the ministry, the new Qatar-India remittance service based on PosTransfer powered by UPI enables customers in Qatar to initiate money transfers by visiting a Qatar Post outlet and providing the UPI ID of the recipient in India, along with the required customer identification details. The ministry said, "New digital postal remittance service enables fast, secure and convenient transfer of funds from Qatar to India". It also added that the recipient in India needs to activate the facility for receiving foreign inward remittances through the UPI app being used. Once activated, the remitted amount is credited instantly to the beneficiary's UPI-enabled bank account. The service became available in Qatar on August 15, 2026, coinciding with India's Independence Day. The Ministry said the service has been developed through a collaboration between Qatar Post, India Post, the Universal Postal Union's Interconnection Platform (UPU-IP), and NPCI International Payments Limited (NIPL). The initiative combines the reach of postal networks with India's digital public infrastructure to provide an efficient and convenient channel for cross-border remittances, the Ministry said. Customers can initiate transactions ranging from QAR 10 to QAR 4,000, subject to a maximum equivalent of Rs 1,00,000 per transaction. A flat service charge of QAR 15 per transaction is applicable. The service is expected to be particularly significant for the large Indian community in Qatar, providing a channel to send money to families in India through the postal network. The Ministry said the service combines the accessibility of postal networks with UPI and contributes to greater financial inclusion and seamless digital financial connectivity between India and Qatar. The service was made available in Qatar on August 15. The Ministry said the engagement underscored the importance of the initiative in strengthening digital financial connectivity and bilateral cooperation between India and Qatar. The Qatar-India corridor also marks a step towards modernising international postal financial services, according to the Ministry. It said the integration of the UPU-IP with India's UPI ecosystem demonstrates the potential of postal networks and digital public infrastructure to facilitate inclusive, interoperable and efficient cross-border financial services. PosTransfer powered by UPI is an international inward remittance service enabled through the integration of the UPU-IP with India's UPI ecosystem. It allows participating postal operators to provide customers with a simple and secure mechanism to send remittances to UPI-enabled bank accounts in India. The Ministry said India Post is also working with postal operators in other countries to operationalise additional PosTransfer powered by UPI corridors. These efforts are aimed at further strengthening international financial connectivity for the Indian diaspora, while expanding the use of India's digital public infrastructure for cross-border remittances.

The initiative combines the reach of postal networks with India's digital public infrastructure to provide an efficient and convenient channel for cross-border remittances, the Ministry said.

Indians in Qatar can now send money to India via UPI – Here’s how

The Indian government on Saturday (August 08) clarified that users will not have to pay transaction charges for making payments through the Unified Payments Interface (UPI). However, it opened the possibility of introducing a nominal Merchant Discount Rate (MDR) on a limited set of UPI merchant transactions above a specified threshold.&nbsp;The Finance Ministry said any future MDR on UPI would not apply to all merchant transactions. It also said the rate would remain substantially lower than the charges applicable to debit and credit card payments.&nbsp;"As and when MDR charges are introduced, they will apply only to a limited set of merchant transactions, above a certain threshold, at a nominal rate, far lower than debit or credit card MDRs," the Finance Ministry said in a release.&nbsp;The ministry added that the "vast majority" of UPI transactions would continue to remain free for merchants. Any MDR, if introduced, would depend on a threshold and would not become a blanket charge.&nbsp;Also Read: <a href="https://www.wionews.com/world/explained-why-ukraine-is-targeting-wildberries-warehouses-across-russia-in-its-drone-campaign-1786196632826">Explained: Why Ukraine is targeting Wildberries warehouses across Russia in its drone campaign</a><h2>UPI users and person-to-person payments to remain free</h2>The clarification came in connection with the Taxation and Other Laws (Amendment) Bill, 2026. The Bill proposes changes to Section 10A of the Payment and Settlement Systems Act, 2007.&nbsp;If Parliament passes the Bill, the "UPI and Services Steering Committee", headed by the National Payments Corporation of India (NPCI), will decide whether to introduce MDR and determine its framework, according to the ministry.&nbsp;The government stressed that the proposed amendment only creates an enabling provision and does not mean that charges will be imposed on ordinary UPI users.&nbsp;"UPI will remain free for citizens," the Ministry said, adding that all person-to-person transactions will also continue to remain free.&nbsp;The government said the rapid growth in UPI transactions requires continuous investment in cybersecurity, fraud prevention and payment infrastructure.<h2>Govt cites need for sustainable UPI ecosystem</h2>The Finance Ministry also said the digital payments ecosystem needs a sustainable revenue framework to encourage more companies to expand their operations.&nbsp;"Reliance on subsidies alone is not viable for the next wave of growth. A balanced framework is required to ensure that UPI remains robust, inclusive, and future-ready," the Ministry said.&nbsp;The government said the proposed amendment forms part of its broader effort to make India's digital payment infrastructure sustainable and competitive. It also aims to ensure that the system can support the country's expanding digital economy.&nbsp;The ministry rejected reports claiming that external influences had prompted the proposed policy changes. It described such claims as "unfounded, completely false and misleading."&nbsp;According to ministry data, UPI has become the world's largest real-time payment system. It processed 2,366 crore transactions worth ₹29.9 lakh crore in July 2026 alone. UPI is currently live in 11 foreign countries, while several other countries have also shown interest in the digital payment system.

The government clarified that UPI will remain free for users, while a nominal, threshold-based MDR could apply to a limited set of merchant transactions in the future.

The Indian government on Saturday (August 08) clarified that users will not have to pay transaction charges for making payments through the Unified Payments Interface (UPI). However, it opened the possibility of introducing a nominal Merchant Discount Rate (MDR) on a limited set of UPI merchant transactions above a specified threshold. The Finance Ministry said any future MDR on UPI would not apply to all merchant transactions. It also said the rate would remain substantially lower than the charges applicable to debit and credit card payments. "As and when MDR charges are introduced, they will apply only to a limited set of merchant transactions, above a certain threshold, at a nominal rate, far lower than debit or credit card MDRs," the Finance Ministry said in a release. The ministry added that the "vast majority" of UPI transactions would continue to remain free for merchants. Any MDR, if introduced, would depend on a threshold and would not become a blanket charge. Also Read: Explained: Why Ukraine is targeting Wildberries warehouses across Russia in its drone campaign UPI users and person-to-person payments to remain free The clarification came in connection with the Taxation and Other Laws (Amendment) Bill, 2026. The Bill proposes changes to Section 10A of the Payment and Settlement Systems Act, 2007. If Parliament passes the Bill, the "UPI and Services Steering Committee", headed by the National Payments Corporation of India (NPCI), will decide whether to introduce MDR and determine its framework, according to the ministry. The government stressed that the proposed amendment only creates an enabling provision and does not mean that charges will be imposed on ordinary UPI users. "UPI will remain free for citizens," the Ministry said, adding that all person-to-person transactions will also continue to remain free. The government said the rapid growth in UPI transactions requires continuous investment in cybersecurity, fraud prevention and payment infrastructure. Govt cites need for sustainable UPI ecosystem The Finance Ministry also said the digital payments ecosystem needs a sustainable revenue framework to encourage more companies to expand their operations. "Reliance on subsidies alone is not viable for the next wave of growth. A balanced framework is required to ensure that UPI remains robust, inclusive, and future-ready," the Ministry said. The government said the proposed amendment forms part of its broader effort to make India's digital payment infrastructure sustainable and competitive. It also aims to ensure that the system can support the country's expanding digital economy. The ministry rejected reports claiming that external influences had prompted the proposed policy changes. It described such claims as "unfounded, completely false and misleading." According to ministry data, UPI has become the world's largest real-time payment system. It processed 2,366 crore transactions worth ₹29.9 lakh crore in July 2026 alone. UPI is currently live in 11 foreign countries, while several other countries have also shown interest in the digital payment system.

The government clarified that UPI will remain free for users, while a nominal, threshold-based MDR could apply to a limited set of merchant transactions in the future.

No UPI fee for users, select merchant transactions may face charges: Govt

Finance Minister Nirmala Sitharaman on Thursday (Aug 6) dismissed Congress leader Jairam Ramesh's claim that ordinary users could end up paying for UPI transactions. In a post on X, the Congress leader had claimed that with the Modi government's Taxation and Other Laws (Amendment) Bill, 2026, "eliminates the statutory guarantee that had so far kept UPI transactions fee-free". He alleged that "The burden of this will ultimately fall on ordinary people, who may now have to pay even for using UPI".Replying to Ramesh's X post, Indian FM Sitharaman clarified that any Merchant Discount Rate (MDR), if introduced in the future, would be charged only to merchants and not to customers.The exchange comes amid a political debate over the Taxation and Other Laws (Amendment) Bill, 2026, which seeks to give the Centre the legal authority to modify the existing zero-MDR framework for UPI and RuPay transactions.Also read | <a href="https://www.wionews.com/business-economy/government-reveals-scale-of-bank-fraud-54-accused-fled-india-ed-launches-global-hunt-1785917330019">Government reveals scale of bank fraud: 54 accused fled India, ED launches global hunt</a><h2>Sitharaman: MDR is for merchants, not customers</h2>Responding to Jairam Ramesh on X, Sitharaman said his claim was misleading and urged him not to spread misinformation. "Before spreading a canard, @Jairam_Ramesh ji, please consider this: Merchant Discount Rate (MDR) applies only on the merchants and not on the end users/customers. It will support the Banks &amp; Fintech to invest more on infrastructure, innovation &amp; security. All users of UPI will reap the benefits of this investment," she wrote.The finance minister said the objective of MDR is to strengthen India's digital payments ecosystem by enabling banks and fintech companies to invest more in infrastructure, innovation and cybersecurity.<h2>No decision yet on imposing MDR</h2>Sitharaman also clarified that the government has not taken any decision to introduce an MDR on UPI transactions.She said the issue would be examined by the UPI and Services Steering Committee, headed by the National Payments Corporation of India (NPCI), only after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026.The proposed legislation authorises the Centre to specify which electronic payment modes or transactions will remain free of charge. According to the finance minister, any discussion on merchant fees will take place only after the Bill becomes law.Also read | <a href="https://www.wionews.com/india-news/i-can-t-bring-your-son-back-assam-cm-meets-family-of-boy-who-died-saving-pet-dog-from-floods-1785994667567">'I can't bring your son back': Assam CM meets family of boy who died saving pet dog from floods</a><h2>What did Jairam Ramesh say?</h2>Earlier, Congress leader Jairam Ramesh argued that even if the Merchant Discount Rate is levied on merchants, the cost would ultimately be passed on to consumers.He also rejected the government's position that introducing MDR is necessary to make the UPI ecosystem financially sustainable, describing the argument as "entirely wrong."Sitharaman, however, maintained that customers would not be required to pay the merchant fee.<h2>FM blames Opposition for delay in debate</h2>The finance minister also criticised the Opposition for repeated disruptions during the ongoing Monsoon Session, saying the proposed legislation could have been debated in Parliament had proceedings not been stalled. "Could have been discussed on the floor of the House if your party @INCIndia engages constructively in Parliament when the Bill was/is tabled. (LS/RS respectively)," she wrote.The Bill itself does not impose an MDR on UPI or RuPay transactions. Instead, it creates a legal framework that would allow the government to modify the current zero-MDR regime through a notification at a later stage.

Could your next UPI payment come with a fee? The claim has sparked a political showdown between the BJP and the opposition Congress party. Now, Finance Minister Nirmala Sitharaman has finally broken her silence. Here' what she said.

Finance Minister Nirmala Sitharaman on Thursday (Aug 6) dismissed Congress leader Jairam Ramesh's claim that ordinary users could end up paying for UPI transactions. In a post on X, the Congress leader had claimed that with the Modi government's Taxation and Other Laws (Amendment) Bill, 2026, "eliminates the statutory guarantee that had so far kept UPI transactions fee-free". He alleged that "The burden of this will ultimately fall on ordinary people, who may now have to pay even for using UPI". Replying to Ramesh's X post, Indian FM Sitharaman clarified that any Merchant Discount Rate (MDR), if introduced in the future, would be charged only to merchants and not to customers. The exchange comes amid a political debate over the Taxation and Other Laws (Amendment) Bill, 2026, which seeks to give the Centre the legal authority to modify the existing zero-MDR framework for UPI and RuPay transactions. Also read | Government reveals scale of bank fraud: 54 accused fled India, ED launches global hunt Sitharaman: MDR is for merchants, not customers Responding to Jairam Ramesh on X, Sitharaman said his claim was misleading and urged him not to spread misinformation. "Before spreading a canard, @Jairam_Ramesh ji, please consider this: Merchant Discount Rate (MDR) applies only on the merchants and not on the end users/customers. It will support the Banks & Fintech to invest more on infrastructure, innovation & security. All users of UPI will reap the benefits of this investment," she wrote. The finance minister said the objective of MDR is to strengthen India's digital payments ecosystem by enabling banks and fintech companies to invest more in infrastructure, innovation and cybersecurity. No decision yet on imposing MDR Sitharaman also clarified that the government has not taken any decision to introduce an MDR on UPI transactions. She said the issue would be examined by the UPI and Services Steering Committee, headed by the National Payments Corporation of India (NPCI), only after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026. The proposed legislation authorises the Centre to specify which electronic payment modes or transactions will remain free of charge. According to the finance minister, any discussion on merchant fees will take place only after the Bill becomes law. Also read | 'I can't bring your son back': Assam CM meets family of boy who died saving pet dog from floods What did Jairam Ramesh say? Earlier, Congress leader Jairam Ramesh argued that even if the Merchant Discount Rate is levied on merchants, the cost would ultimately be passed on to consumers. He also rejected the government's position that introducing MDR is necessary to make the UPI ecosystem financially sustainable, describing the argument as "entirely wrong." Sitharaman, however, maintained that customers would not be required to pay the merchant fee. FM blames Opposition for delay in debate The finance minister also criticised the Opposition for repeated disruptions during the ongoing Monsoon Session, saying the proposed legislation could have been debated in Parliament had proceedings not been stalled. "Could have been discussed on the floor of the House if your party @INCIndia engages constructively in Parliament when the Bill was/is tabled. (LS/RS respectively)," she wrote. The Bill itself does not impose an MDR on UPI or RuPay transactions. Instead, it creates a legal framework that would allow the government to modify the current zero-MDR regime through a notification at a later stage.

Could your next UPI payment come with a fee? The claim has sparked a political showdown between the BJP and the opposition Congress party. Now, Finance Minister Nirmala Sitharaman has finally broken her silence. Here' what she said.

Will ordinary Indian users have to pay for UPI? Nirmala Sitharaman breaks silence on Congress' MDR fee claim

The nation introduced banknotes in 1661 and installed Europe’s first automatic teller machine in 1967. It was the first European country to issue banknotes.

The nation introduced banknotes in 1661 and installed Europe’s first automatic teller machine in 1967. It was the first European country to issue banknotes.

This European country went cashless and embraced a digital economy!

Taking a step further in the realm of cardless cash withdrawals, Hitachi Payment Services on Tuesday (Sept. 5) launched India’s first UPI ATM during the Global Fintech Fest in Mumbai. The step was taken in association with the National Payments Corporation of India (NPCI).

UPI is an online money transfer platform developed by state-backed NPCI, which enables instant wiring of money between bank accounts using mobile phones.

On Thursday, Piyush Goyal, India’s Minister of Commerce and Industry and Minister of Consumer Affairs, posted a video on X, showing a FinTech influencer demonstrating how UPI ATMs are operated.

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UPI ATM: The future of fintech is here! 💪🇮🇳 <a href="https://t.co/el9ioH3PNP">pic.twitter.com/el9ioH3PNP</a>
— Piyush Goyal (@PiyushGoyal) <a href="https://twitter.com/PiyushGoyal/status/1699652077679767851?ref_src=twsrc%5Etfw">September 7, 2023</a></blockquote>
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<h2>What is UPI ATM?</h2>

As the name suggests, through UPI ATM, users will be able to withdraw money from ATMs just by scanning a QR code generated by the ATM, without having to use an ATM or debit card issued by the concerned bank.

Such ATMs will be white-label ATMs, which means that these will be owned and operated by non-bank entities.

<h2>How to use UPI ATMs?</h2>

To avail the cardless withdrawal services at UPI ATMs, users will need to select the ‘UPI cash withdrawal’ option. Then, they will be prompted to select the withdrawal amount.&nbsp;

Watch:&nbsp;UPI crosses 10 billion transactions

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As they enter the desired withdrawal amount, a QR code will flash on the screen. The customers will then be required to scan the QR code and enter the PIN on the mobile app, as they do while sending money to some other person.

After validation through the mobile phone app, the ATM will dispense the cash.

<h2>What’s the need of UPI ATMs?</h2>

UPI ATMs would offer an interoperable, card-free transaction service. The withdrawal limit stands at Rs 10,000 per transaction. This limit aligns with the existing daily UPI transaction cap and adheres to the specific limits set by the issuing bank for UPI-ATM transactions.

You no longer need to carry a physical card for ATM cash withdrawals; instead, you can effortlessly withdraw cash from various accounts using the UPI mobile app.

<h2>What distinguishes UPI-ATM from cardless cash withdrawals?</h2>

UPI-ATM provides the same convenient transaction experience as the cardless cash withdrawal option offered by numerous banks.

However, the notable difference here is that while cardless cash withdrawals rely on mobile devices and OTP verification, the UPI-ATM utilises QR codes for cash withdrawals.

<a href="https://www.wionews.com/india-news/upi-wallets-for-g20-delegates-as-india-showcases-its-digital-infra-prowess-633223">Also read:&nbsp;UPI wallets for G20 delegates as India showcases its digital infra prowess</a>

"The launch of the UPI-ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs,” the NPCI said in a statement.

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WATCH WION LIVE HERE

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&nbsp;

Taking a step further in the realm of cardless cash withdrawals, Hitachi Payment Services on Tuesday (Sept. 5) launched India’s first UPI ATM during the Global Fintech Fest in Mumbai.

Taking a step further in the realm of cardless cash withdrawals, Hitachi Payment Services on Tuesday (Sept. 5) launched India’s first UPI ATM during the Global Fintech Fest in Mumbai. The step was taken in association with the National Payments Corporation of India (NPCI). UPI is an online money transfer platform developed by state-backed NPCI, which enables instant wiring of money between bank accounts using mobile phones. On Thursday, Piyush Goyal, India’s Minister of Commerce and Industry and Minister of Consumer Affairs, posted a video on X, showing a FinTech influencer demonstrating how UPI ATMs are operated. UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP — Piyush Goyal (@PiyushGoyal) September 7, 2023 × What is UPI ATM? As the name suggests, through UPI ATM, users will be able to withdraw money from ATMs just by scanning a QR code generated by the ATM, without having to use an ATM or debit card issued by the concerned bank. Such ATMs will be white-label ATMs, which means that these will be owned and operated by non-bank entities. How to use UPI ATMs? To avail the cardless withdrawal services at UPI ATMs, users will need to select the ‘UPI cash withdrawal’ option. Then, they will be prompted to select the withdrawal amount. Watch: UPI crosses 10 billion transactions × As they enter the desired withdrawal amount, a QR code will flash on the screen. The customers will then be required to scan the QR code and enter the PIN on the mobile app, as they do while sending money to some other person. After validation through the mobile phone app, the ATM will dispense the cash. What’s the need of UPI ATMs? UPI ATMs would offer an interoperable, card-free transaction service. The withdrawal limit stands at Rs 10,000 per transaction. This limit aligns with the existing daily UPI transaction cap and adheres to the specific limits set by the issuing bank for UPI-ATM transactions. You no longer need to carry a physical card for ATM cash withdrawals; instead, you can effortlessly withdraw cash from various accounts using the UPI mobile app. What distinguishes UPI-ATM from cardless cash withdrawals? UPI-ATM provides the same convenient transaction experience as the cardless cash withdrawal option offered by numerous banks. However, the notable difference here is that while cardless cash withdrawals rely on mobile devices and OTP verification, the UPI-ATM utilises QR codes for cash withdrawals. Also read: UPI wallets for G20 delegates as India showcases its digital infra prowess "The launch of the UPI-ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs,” the NPCI said in a statement. WATCH WION LIVE HERE ×

UPI-ATMs: Withdraw cash from ATMs using your UPI app, here’s how to operate

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system.

UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction."

PM Modi also pitched for UPI's expansion into the BRICS grouping, which now has six new member states. "There is scope for working with BRICS on the (UPI) technology," media reports quoted him as&nbsp;saying.

But while experts will keenly watch its expansion into the BRICS bloc, UPI has already begun its march towards global dominance.

Countries join India's UPI bandwagon

In the past few weeks, three countries have joined the UPI bandwagon quickly - France, the United Arab Emirates and Sri Lanka. These three countries will now accept transactions via India's homegrown digital payments technology.

UPI's entry into France is significant, helping the technology get a foothold in Europe for the first time. Regarding Sri Lanka and the UAE, UPI's entry is set to deepen India's economic ties with the two nations.

"Indian travellers will be at ease of using foreign exchange, especially in France. UPI's growing global footprint will boost bilateral trade as well as tourism," says Haresh Calcuttawala, Co-Founder of TreZix, a B2B SaaS platform.

Calcuttawala adds that UPI's framework will smooth cross-border transactions and ensure swift and secure settlements between global trading partners. "UPI empowers businesses to focus on building strong relationships and expanding their global reach."

It is important to give some business perspective on the reasons for UPI's expansion into the three countries.

France has always been among the top European destinations for Indian tourists. Moreover, the country is a&nbsp;major trade destination for India's medium and small businesses, which are likely to benefit from the introduction of UPI.

On the other hand, India is Sri Lanka's biggest trade partner, with the bilateral trade standing at over $5.5 billion. Meanwhile, the India-UAE trade partnership is going strong, especially with the Comprehensive Economic Partnership Agreement coming into effect last year.

UPI: India's fintech pride

UPI's growing global footprint is also a sign of greater opportunities for the Indian fintech sector, which attracted funding worth $4.8 billion in 2022 and is expected to be a $2 trillion industry by 2030.

"This global expansion presents significant growth opportunities for the Indian fintech ecosystem to innovate and establish new business use cases that can play a crucial role in driving its adoption," says Anand Agrawal, Co-Founder &amp; CPTO of fintech startup Credgenics.

UPI, launched by the National Payments Corporation of India in 2016, has been the torchbearer of India's fintech story. From just one million transactions in October 2016, UPI has now crossed&nbsp;the landmark of 10&nbsp; billion transactions. This number seems even more significant considering that UPI accounted for 75 per cent of the retail transaction volume in 2022-23.

The greatest change that UPI has brought about is in the way Indians transact. According to GlobalData research, cash transactions have declined from 90 per cent of the total volume in 2017 to less than 60 per cent in 2021. UPI and other digital transaction systems have occupied the remaining space. Though cash is still the king in India, UPI has effectively created a niche for itself.

"India was a cash economy. But UPI became an efficient and easy payment alternative due to wide smartphone adoption, government initiatives for bank accounts, and cheap data," says 'finfluencer' Anushka Rathod.

It is no wonder that the quick and efficient nature of UPI payments resulted in cost savings of $12.6 billion and added $16.4 billion to the Indian economy in 2021, as per a study conducted by Cebr Economic Research.

How the UPI story blossomed

The 2016 demonetisation drive was a game-changer for India's digital payments landscape. Less than six months after Rs 500 and Rs 1000 notes were phased out, the total transaction volume on UPI rose from 2.9 million to 72 million. By the end of 2017, UPI transactions had grown by 900 per cent compared to the previous year. It is also worth noting that 2016-17 saw the launch of cheap data packs -- India has the third cheapest internet and undoubtedly helped proliferate UPI payments beyond India's Tier I cities.

But there is another red-letter day for UPI, which brought international recognition to digital payment technology. That day was November 7, 2019, on the eve of the third anniversary of the demonetisation drive. On that day, tech giant Google wrote a letter to the US Federal Reserve in support of a faster digital payment settlement service.

To bolster its point, Google narrated the success story of UPI in India. Attributing UPI's success to its "thoughtful planning", the letter added that "critical aspects" of the design led to its growth in the world's biggest country. The letter noted how UPI's growth encouraged Google to enter the payment system through Google Pay while highlighting the success of collaboration between the government, technology and financial services.

UPI: The future and challenges

The UPI's future growth looks promising. UPI, comprising 75 per cent of India's digital transactions, is expected to grow four-fold by 2026. A PwC report states that UPI may constitute almost 90% of total transactional volume in retail digital payments over the next five years as it expands to rural areas and tier III and IV cities.

UPI's global expansion, too, holds a lot of promise. Sample this: Indians spent $10 billion on overseas travel between April and December 2022. Considering the substantial scale of international spending, the internationalisation of UPI can contribute significantly to the growth of the Indian economy.

With UPI going global, the payments platform will likely face tough competition from Visa, Mastercard and other long-established global payments giants. Visa and Mastercard occupy about 80 per cent of the global payments market space, and dislodging them will be a tall order.

"These payment platforms and networks have been around for a while and are cash-rich, so they will not make it easy for UPI to grow and eat away their market share and profits," argues Rathod.

Moreover, UPI will have to adjust its technology to cater to the wider customer base in the Western world. Initially, the cost of transfer and remittance fees will be high due to UPI's low rate of penetration.

Compliance with various digital regulations and the need for interoperability between various payment systems will be major challenges for UPI.

"To overcome these challenges, UPI stakeholders can concentrate on collaborating with global payment system providers and regulators to ensure compliance with local regulations and standards," opines Agarwal. &nbsp;

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system. UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls.

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system. UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction." PM Modi also pitched for UPI's expansion into the BRICS grouping, which now has six new member states. "There is scope for working with BRICS on the (UPI) technology," media reports quoted him as saying. But while experts will keenly watch its expansion into the BRICS bloc, UPI has already begun its march towards global dominance. Countries join India's UPI bandwagon In the past few weeks, three countries have joined the UPI bandwagon quickly - France, the United Arab Emirates and Sri Lanka. These three countries will now accept transactions via India's homegrown digital payments technology. UPI's entry into France is significant, helping the technology get a foothold in Europe for the first time. Regarding Sri Lanka and the UAE, UPI's entry is set to deepen India's economic ties with the two nations. "Indian travellers will be at ease of using foreign exchange, especially in France. UPI's growing global footprint will boost bilateral trade as well as tourism," says Haresh Calcuttawala, Co-Founder of TreZix, a B2B SaaS platform. Calcuttawala adds that UPI's framework will smooth cross-border transactions and ensure swift and secure settlements between global trading partners. "UPI empowers businesses to focus on building strong relationships and expanding their global reach." It is important to give some business perspective on the reasons for UPI's expansion into the three countries. France has always been among the top European destinations for Indian tourists. Moreover, the country is a major trade destination for India's medium and small businesses, which are likely to benefit from the introduction of UPI. On the other hand, India is Sri Lanka's biggest trade partner, with the bilateral trade standing at over $5.5 billion. Meanwhile, the India-UAE trade partnership is going strong, especially with the Comprehensive Economic Partnership Agreement coming into effect last year. UPI: India's fintech pride UPI's growing global footprint is also a sign of greater opportunities for the Indian fintech sector, which attracted funding worth $4.8 billion in 2022 and is expected to be a $2 trillion industry by 2030. "This global expansion presents significant growth opportunities for the Indian fintech ecosystem to innovate and establish new business use cases that can play a crucial role in driving its adoption," says Anand Agrawal, Co-Founder & CPTO of fintech startup Credgenics. UPI, launched by the National Payments Corporation of India in 2016, has been the torchbearer of India's fintech story. From just one million transactions in October 2016, UPI has now crossed the landmark of 10 billion transactions. This number seems even more significant considering that UPI accounted for 75 per cent of the retail transaction volume in 2022-23. The greatest change that UPI has brought about is in the way Indians transact. According to GlobalData research, cash transactions have declined from 90 per cent of the total volume in 2017 to less than 60 per cent in 2021. UPI and other digital transaction systems have occupied the remaining space. Though cash is still the king in India, UPI has effectively created a niche for itself. "India was a cash economy. But UPI became an efficient and easy payment alternative due to wide smartphone adoption, government initiatives for bank accounts, and cheap data," says 'finfluencer' Anushka Rathod. It is no wonder that the quick and efficient nature of UPI payments resulted in cost savings of $12.6 billion and added $16.4 billion to the Indian economy in 2021, as per a study conducted by Cebr Economic Research. How the UPI story blossomed The 2016 demonetisation drive was a game-changer for India's digital payments landscape. Less than six months after Rs 500 and Rs 1000 notes were phased out, the total transaction volume on UPI rose from 2.9 million to 72 million. By the end of 2017, UPI transactions had grown by 900 per cent compared to the previous year. It is also worth noting that 2016-17 saw the launch of cheap data packs -- India has the third cheapest internet and undoubtedly helped proliferate UPI payments beyond India's Tier I cities. But there is another red-letter day for UPI, which brought international recognition to digital payment technology. That day was November 7, 2019, on the eve of the third anniversary of the demonetisation drive. On that day, tech giant Google wrote a letter to the US Federal Reserve in support of a faster digital payment settlement service. To bolster its point, Google narrated the success story of UPI in India. Attributing UPI's success to its "thoughtful planning", the letter added that "critical aspects" of the design led to its growth in the world's biggest country. The letter noted how UPI's growth encouraged Google to enter the payment system through Google Pay while highlighting the success of collaboration between the government, technology and financial services. UPI: The future and challenges The UPI's future growth looks promising. UPI, comprising 75 per cent of India's digital transactions, is expected to grow four-fold by 2026. A PwC report states that UPI may constitute almost 90% of total transactional volume in retail digital payments over the next five years as it expands to rural areas and tier III and IV cities. UPI's global expansion, too, holds a lot of promise. Sample this: Indians spent $10 billion on overseas travel between April and December 2022. Considering the substantial scale of international spending, the internationalisation of UPI can contribute significantly to the growth of the Indian economy. With UPI going global, the payments platform will likely face tough competition from Visa, Mastercard and other long-established global payments giants. Visa and Mastercard occupy about 80 per cent of the global payments market space, and dislodging them will be a tall order. "These payment platforms and networks have been around for a while and are cash-rich, so they will not make it easy for UPI to grow and eat away their market share and profits," argues Rathod. Moreover, UPI will have to adjust its technology to cater to the wider customer base in the Western world. Initially, the cost of transfer and remittance fees will be high due to UPI's low rate of penetration. Compliance with various digital regulations and the need for interoperability between various payment systems will be major challenges for UPI. "To overcome these challenges, UPI stakeholders can concentrate on collaborating with global payment system providers and regulators to ensure compliance with local regulations and standards," opines Agarwal.

UPI goes global: The past, present & future of India's payments platform

India's UPI to get three new features, payments likely to be more efficient after update. India's homegrown digital payments platform UPI is going global. The fintech sector is overjoyed. It's another boost to the brand India. But analysts say a lot needs to be done before UPI takes off on the world stage.

India's UPI to get three new features, payments likely to be more efficient after update

Unified Payment Interface (UPI) will be launched in France by September 2023, with the iconic Eiffel Tower being the first merchant in the country to accept UPI payments, the Indian Ministry of External Affairs said in a statement on Friday.&nbsp;

"The payment mechanism is in its last phase of production and will go live by September, 2023 with the iconic Eiffel Tower, Paris as the first merchant in France to accept UPI," it read.&nbsp;

In line with the commitment to foster a thriving digital ecosystem and promote collaboration between India and France, NPCI International Payments Limited (NIPL) and France's Lyra Collect recently signed an agreement to implement UPI in France and Europe. This move is aimed to empower citizens and ensure their active participation in the digital age, MEA said.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/pm-modi-meets-prominent-individuals-in-paris-hold-discussions-on-yoga-science-skill-development-and-more-615736">PM Modi meets prominent individuals in Paris; hold discussions on yoga, science, skill development, and more</a>

During the MEA briefing, Foreign Secretary Kwatra highlighted several significant outcomes of Prime Minister Modi's visit to France and said that the visit was unprecedentedly "successful".

<h2>Schengen Visas for Indian alumni in France</h2>

These include the formulation of a roadmap for India-France cooperation in the Indo-Pacific region and the introduction of five-year validity short-stay Schengen Visas for Indian nationals holding degrees from French educational institutions (masters and above).

Also Read | <a href="https://www.wionews.com/world/modi-in-france-india-flags-cross-border-terrorism-repeats-call-for-dialogue-to-end-ukraine-war-615740">Modi in France: India flags cross-border terrorism, repeats call for dialogue to end Ukraine war</a>

"In order to create a community of Indian Alumni, France will issue five-year validity Schengen visas for Indians who have studied in France for at least one semester, provided that they reached Master degree level at a university recognised by the French university system and have a fully acceptable file compliant with Schengen requirements," the statement said.&nbsp;

Kwatra noted that it is uncommon for a PM to personally welcome another PM, highlighting the exceptional warmth and friendship displayed between the leaders when France PM welcomed prime minister Modi at the airport.&nbsp;

Watch | Ukraine continues to demand more weapons and NATO membership

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"The visuals of PM Modi's visit clearly pointed to exceptional warmth of friendship and genuineness...The extent of time that President Macron continues to spend with the Prime Minister in the last 36 hours is actually exceptional. Reflects a sense of comfort with each other, genuine friendship, mutual trust, which in a way is also reflective of the state of India, France friendship...," the foreign secretary said.&nbsp;

Prime Minister Modi was also bestowed with France's highest honor, the Grand Cross of the Legion of Honour, in recognition of his contributions and achievements, Kwatra said.&nbsp;

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Unified Payment Interface (UPI) will be launched in France by September 2023, with the iconic Eiffel Tower being the first merchant in the country to accept UPI payments, the Indian Ministry of External Affairs said in a statement on Friday.

Unified Payment Interface (UPI) will be launched in France by September 2023, with the iconic Eiffel Tower being the first merchant in the country to accept UPI payments, the Indian Ministry of External Affairs said in a statement on Friday. "The payment mechanism is in its last phase of production and will go live by September, 2023 with the iconic Eiffel Tower, Paris as the first merchant in France to accept UPI," it read. In line with the commitment to foster a thriving digital ecosystem and promote collaboration between India and France, NPCI International Payments Limited (NIPL) and France's Lyra Collect recently signed an agreement to implement UPI in France and Europe. This move is aimed to empower citizens and ensure their active participation in the digital age, MEA said. Also Read | PM Modi meets prominent individuals in Paris; hold discussions on yoga, science, skill development, and more During the MEA briefing, Foreign Secretary Kwatra highlighted several significant outcomes of Prime Minister Modi's visit to France and said that the visit was unprecedentedly "successful". Schengen Visas for Indian alumni in France These include the formulation of a roadmap for India-France cooperation in the Indo-Pacific region and the introduction of five-year validity short-stay Schengen Visas for Indian nationals holding degrees from French educational institutions (masters and above). Also Read | Modi in France: India flags cross-border terrorism, repeats call for dialogue to end Ukraine war "In order to create a community of Indian Alumni, France will issue five-year validity Schengen visas for Indians who have studied in France for at least one semester, provided that they reached Master degree level at a university recognised by the French university system and have a fully acceptable file compliant with Schengen requirements," the statement said. Kwatra noted that it is uncommon for a PM to personally welcome another PM, highlighting the exceptional warmth and friendship displayed between the leaders when France PM welcomed prime minister Modi at the airport. Watch | Ukraine continues to demand more weapons and NATO membership × "The visuals of PM Modi's visit clearly pointed to exceptional warmth of friendship and genuineness...The extent of time that President Macron continues to spend with the Prime Minister in the last 36 hours is actually exceptional. Reflects a sense of comfort with each other, genuine friendship, mutual trust, which in a way is also reflective of the state of India, France friendship...," the foreign secretary said. Prime Minister Modi was also bestowed with France's highest honor, the Grand Cross of the Legion of Honour, in recognition of his contributions and achievements, Kwatra said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Eiffel Tower to pioneer UPI launch in France by September 2023, confirms MEA

A recent report by PWC India has unveiled some staggering projections that showcase the remarkable transformation taking place in India's payment landscape. According to the report, the unified payments interface, or UPI, is on a trajectory to achieve an astonishing milestone of 1 billion transactions per day by 2026-27.

UPI to take over 90% of retail digital payments in India

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