The Japanese minister noted the convenience of the UPI payments system which could be used for cross border payments once it is adopted by other countries such as Singapore or the UAE that have also evinced interest in adopting it as a standard. He also said that the East Asian country was looking at ways to mutually recognise digital identities, referring to India’s digital identity program, which will create the bedrock for interoperability.
In the G7 Digital Ministers Meeting of May 2023, which was attended by India’s telecom and IT minister, the group has agreed to establish a new international framework which is a permanent secretariat on cross-border data flow.
The governments of India and Nepal have drawn up an agreement to launch the service that will let visitors to Nepal use Indian digital wallets for payments.
Through this agreement, residents of India will be able to make mobile payments for goods and services, when visiting Nepal, from their smartphone’s digital wallet using an interoperable cross-border payments system to be implemented between the two countries.
The service will use a unified payments interface being developed in Nepal by the National Payments Corporation of India in collaboration with Gateway Payment Service and Manam Infotech.
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