India’s big feat in the history of UPI, from taking digital loan to UPI transfer abroad
UPI Transfer Abroad: Government of India wants to globalize the UPI service. So that people from all over the country and the world can use the Indian UPI. Now the government is going to start a new scheme of giving loan through UPI. It will start digital loan service this year. Giving this information on Thursday, Telecom and IT Minister Ashwini Vaishnav said that with this service even small street vendors will be able to take loans from big banks. Addressing the ‘Digital Loan Service’, Vaishnav said that it will be introduced like UPI service. This will be a major achievement under Prime Minister Narendra Modi’s ‘Digital India’ vision. This year we will start digital loan service. National Payments Corporation of India (NPCI) will be way ahead in the next 10-12 years.
Will seal the vision of PM Modi
At the event, the Minister of Electronics and IT (MeitY) unveiled a prototype of a voice-based payment system for UPI. Speaking on the occasion, Ministry’s Secretary Alkesh Kumar Sharma said that UPI will become a global payment product for which NPCI has already partnered with countries like Nepal, Singapore and Bhutan. He informed that UPI services will be available to Non-Resident Indians (NRIs) of 10 countries Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK and USA.
Talk of providing UPI facility for G-20 countries as well
The Reserve Bank of India (RBI) on Wednesday decided to allow passengers arriving at select airports from G-20 countries to use UPI (Unified Payments Interface) for payments. RBI said that later the benefit of payment facility through UPI will be available to the passengers of all the countries coming here. UPI is a payment platform through which we can send and receive money from our bank account to any other bank account from anywhere anytime through mobile app. Giving information about the monetary policy review, Central Bank Governor Shaktikanta Das said that UPI has become very popular for retail digital payments in the country. In view of this, it is now proposed to allow all travelers coming to India to use it for making payments to merchants (P2M) during their stay in the country.
