In a major development in their bilateral fintech collaboration, India and Israel have decided to open up India’s Unified Payments Interface (UPI) to cross-border use.
During Prime Minister Narendra Modi’s visit to Israel, the two countries reached an agreement to integrate UPI with Israel’s domestic payments system. The integration is anticipated to enhance the speed, efficiency, and cost-effectiveness of cross-border transactions for both enterprises and consumers.
A product of India’s National Payments Corporation, UPI is now available in other foreign countries, such as France, Singapore, and the UAE.
As part of a larger effort to globalise India’s digital public infrastructure, the two countries’ digital financial interconnections have been enhanced.
