Sending money abroad can become cheaper through UPI: RBI Guv Das

Reserve Bank Governor Shaktikanta Das on Monday said the Unified Payments Interface (UPI) system has the potential to evolve into a cheaper, quicker alternative to available channels of cross-border remittances.

Das was speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies, a part of RBI@90 initiative.

UPI is an instant real-time payment system, allowing users to transfer money on a real-time basis, across multiple bank accounts without revealing details of one’s bank account to the other party.


Over the past two years, many countries have started accepting payments through UPI apps.

Which countries accept UPI?
Bhutan, France (E-commerce), Mauritius, Nepal, Singapore, Sri Lanka and UAE are the countries that accept UPI at the moment.

How does UPI function overseas?
People must first register their bank account with a UPI-enabled mobile application in order to make UPI payments in Sri Lanka and Mauritius. Users are requested to enter recipient details, including their bank account number, and other details, as well as the transfer amount and currency, when the bank account is linked.

UPI services were made available in Paris, France's Eiffel Tower, earlier this month. By scanning a QR code on the Eiffel Tower website, Indian visitors can pay using their UPI-enabled application.

The first nation to introduce cross-border Person to Person (P2P) payment services is Singapore. India and Singapore launched a connection between UPI and PayNow in February of last year.

Through quick and inexpensive money transfers from Singapore to India and vice versa, this will assist the Indian diaspora in Singapore. Certain commercial establishments in Singapore have already enabled the acceptance of UPI payments using QR codes.

How to activate UPI International on PhonePay
Step 1: Open the UPI app and go to the home screen.
Step 2: Click on your profile picture.
Step 3: Under the Payment Settings section, select UPI International.
Step 4: Click the Activate button next to the bank account you wish to use for international UPI payments.
Step 5: Enter your UPI PIN to confirm the activation.

How to make international payment using UPI in Google pay?
International payment transactions are similar to domestic UPI payments. Bank fees and foreign exchange conversion rates apply.
Open the Google Pay app .
Step 1: Tap Scan QR code.
Step 2: Scan the international merchant’s QR code.
Step 3: Enter the amount in payable foreign currency.
Step 4: Select the bank account you want to use to pay the international merchant.
To confirm your payment, enter the UPI PIN.