UPI Payments in Dollars: Exciting news is on the horizon for the Unified Payments Interface (UPI) system in India. Soon, you’ll be able to make UPI payments in dollars, making global transactions smoother. The National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are teaming up with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to make this happen. Their goal is to make UPI the most user-friendly and secure way to do digital transactions across borders.
Making Global Transactions Easy with SWIFT
Soon UPI Payments in Dollars: SWIFT, a well-known global system for inter-country bank transactions, will be a big part of this change. When UPI and SWIFT work together, it will be much easier to do international business through UPI. This is a significant step toward making the global financial system more connected and efficient.
Exciting Updates from RBI Governor Shaktikanta Das
Recently, during the RBI’s Monetary Policy Committee (MPC) meeting on December 8, RBI Governor Shaktikanta Das shared some important decisions. One key change is the increase in the UPI payment limit for hospitals and educational institutions. It’s gone up from ₹1 lakh to ₹5 lakh right away. This change is meant to help with bigger transactions for important services in healthcare and education.
Another big decision is raising the limit for e-mandate, or auto-debit, to ₹1 lakh per transaction. Now, you can use this for things like buying mutual funds through systematic investment plans (SIP) or regularly paying insurance premiums. It’s also handy for making credit card payments.
Making Transactions Easier: No More Complicated Steps
To make things simpler for users, the RBI is changing the rules for UPI transactions. Before, you needed a one-time password (OTP) for UPI auto payments over ₹15,000. But now, you don’t need an additional authentication step for transactions up to ₹1 lakh. This change is great for smaller transactions, making them quicker and easier.
Why UPI is Important
UPI is India’s first mobile-based payment system, and it’s changed the way we pay for things. With a Virtual Payment Address (VPA), you can make quick payments anytime, anywhere. In November 2023, UPI recorded a massive 11.24 billion transactions, with a total value of ₹17.40 trillion, according to NPCI data.
The Future of UPI: Soon UPI Payments in Dollars
With UPI joining forces with SWIFT and the recent decisions by the RBI, the future looks bright for UPI both in India and around the world. Being able to do transactions in dollars will open up new possibilities for businesses and people, making the financial system more connected.
Conclusion
Soon UPI Payments in Dollars:Tthe UPI system’s evolution to allow transactions in dollars is a big deal for digital payments. The teamwork between NPCI, RBI, and SWIFT aims to make UPI a global leader in easy and secure cross-border transactions. The recent decisions by RBI Governor Shaktikanta Das show a commitment to making UPI even better for a wide range of financial transactions. As UPI continues to change the world of digital payments, it’s looking more and more like a global payment leader in the making.