Governor of the Reserve Bank of India (RBI), Shaktikanta Das, stated that the goal of the Indian central bank was UPI global expansion.

Speaking at the worldwide Fintech Fest in Mumbai, Das stated that the RBI is concentrating on making RuPay international adoption and the UPI genuinely worldwide because of positive feedback from a number of jurisdictions.

According to him, creating UPI-like infrastructure in foreign jurisdictions, enabling UPI apps to accept payments using QR codes at international merchant locations, and connecting UPI with other nations' Fast Payment Systems (FPS) to enable cross-border remittances are the top priorities for the RBI.

According to him, Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France have made strides toward bringing UPI global. He acknowledged the work of his colleagues in the RBI and NPCI in achieving this, but he also said that they needed to make a commitment to doing more in this national endeavor.

National Payments Corp. of India (NPCI) created UPI, an instantaneous real-time payment system, to make interbank mobile transactions easier. RuPay credit and debit cards, sponsored by the NPCI, compete with global networks like Mastercard and Visa.

The governor added, "RBI's digital payments initiatives will focus on strengthening financial infrastructure, including cross-border payment systems," during his speech at the fintech fair. According to him, India has the potential to become a worldwide powerhouse for fintech companies and digital innovation because of its sophisticated fintech environment and IT expertise.