Even as the government is trying to popularise the adoption of Unified Payments Interface (UPI) globally, banks and payment providers are yet to meet deadlines for its implementation.

Frowning upon this delay, the National Payments Corporation of India has asked all banks, payment service providers and third party application providers (TPAPs) to enable international acceptance through UPI or UPI Global latest by September 30 this year.

This reminder comes after many of them failed to meet the previous deadline of December 31, 2021.

“Final compliance apps, issuers and PSPs shall be no later than September 30, 2022. In case a member or TPAP fails to comply within the above mentioned timeline, NPCI will take appropriate penal actions,” NPCI has said in a recent circular.

Also read

Union Bank classifies IL & FS Tamilnadu Power account as fraud

The average drop in volumes over the last 10 days was around 65 per cent.

Crypto trading volumes drop nearly 75% across top exchanges since April 1

With a view to increase adoption of the Unified Payments Interface globally, the NPCI, RBI and the government have been working with other regulators and banks to expand the reach of the payments platform internationally.

To this end, NPCI had mandated international merchants payments by UPI and also ordered for implementing it at the ecosystem and app level.

UPI Global is already live in countries including Singapore and Bhutan, and would enable Indian travellers to make payments with ease.

The government is also working with Nepal and the UAE to enable acceptance of UPI in these countries.

Related Topics