- India's digital payment system, UPI, is further strengthening its global footprint.
- During Prime Minister Narendra Modi's state visit to Seychelles, India and Seychelles signed a significant Memorandum of Understanding (MoU) to implement the Unified Payments Interface (UPI) in Seychelles.
- Under this agreement, a target has been set to launch UPI services in Seychelles by the end of 2026.
- As part of this initiative, India's National Payments Corporation of India (NPCI) and the Central Bank of Seychelles will collaborate to develop the necessary technical infrastructure and institutional framework for UPI implementation.
- Once implemented, Indian tourists, businesspeople, and other UPI users will be able to make direct digital and cashless payments in Seychelles.
- This agreement will give a new direction to digital financial cooperation between the two nations. It will also help boost tourism, trade, and investment, while making cross-border digital payments simpler, more secure, and faster.
- The introduction of UPI in Seychelles is being hailed as another significant milestone in the global expansion of India's digital payment system.
Tags:
Economics
