According to the Ministry of External Affairs (MEA), the initiative aims to extend India's Fintech innovation and digital infrastructure to its partner countries, leveraging robust cultural and people-to-people linkages. The UPI, developed by the National Payments Corporation of India (NPCI), facilitates real-time inter-bank transactions via mobile phones, providing a seamless payment experience for users.
The launch event signifies India's commitment to sharing its developmental experiences and technological innovations with partner countries, fostering greater financial inclusion and connectivity. The initiative is expected to benefit a diverse range of individuals and businesses, promoting faster and more convenient digital transactions.
The extension of these services is poised to contribute significantly to the growth and integration of the digital economy in the region, facilitating smoother financial transactions and enhancing trade and commerce between the participating nations.