Unified Payment Interface (UPI) is making its mark in India and abroad. After UPI is introduced in countries like Singapore and France, it can reach New Zealand soon. Giving information on this matter, the Ministry of Commerce said on Tuesday that UPI is being considered to promote business and tourism between the two countries.
It is worth noting that there was a meeting between Commerce and Industry Minister Piyush Goyal and New Zealand’s Trade and Export Development Minister Damien O’Connor on Tuesday. During this, talks have taken place between the leaders of both countries regarding UPI.
Talks Are Being Held Regarding UPI
The Ministry of Commerce has issued a statement saying that preliminary talks have been held between the National Payments Corporation of India (NPCI) and Payments New Zealand regarding the use of UPI. Both sides have welcomed this and have agreed to continue discussing it further. It has been agreed that if UPI starts in New Zealand, it will boost business and tourism between the two countries.
UPI Has Started In These Countries
Significantly, the demand for Indian UPI is increasing rapidly abroad. After signing an agreement with Singapore’s Penau this year, UPI has been launched there. Apart from Singapore, UPI has also made an entry in France.
For this, an agreement has been reached between India and France. It will start from the Eiffel Tower of France. The United Arab Emirates (UAE), Bhutan, and Nepal have already signed the UPI agreements. Apart from this, NPCI is talking about taking it to many European countries.
Negotiations To Increase Business
Apart from UPI, talks have also taken place to increase trade between the two countries. There was discussion about increasing trade in fruits like kiwi, medicine, transportation and technology. It is worth noting that the export between India and New Zealand was $48.76 million in 2021-22, which increased to $54.8 million in the next year. While talking about imports, it was $375 million in the year 2021-22, which has increased to $478 million in the next year.
