RBI Aims to Take UPI and RuPay Global, Says Governor Shaktikanta Das

RBI Governor Shaktikanta Das announced that the Reserve Bank of India (RBI) wants to make UPI (Unified Payment Interface) and RuPay cards widely used around the world. Speaking at the Global Fintech Fest in Mumbai, he said that the RBI is working on making UPI and RuPay “truly global” after receiving positive feedback from several countries.

The RBI’s main focus is to create a UPI-like payment system in other countries, enable QR code payments using UPI at international stores, and connect UPI with fast payment systems in other countries to make cross-border money transfers easier.

Progress has already been made in countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, and France. While appreciating the efforts of the National Payments Corporation of India (NPCI) and the RBI team, Das urged everyone to continue working towards this national goal.

UPI, developed by NPCI, allows quick and easy inter-bank transactions via mobile phones. RuPay debit and credit cards, also backed by NPCI, compete with global networks like Visa and Mastercard.

Das also emphasized that the RBI aims to strengthen financial infrastructure, especially for cross-border payments. He highlighted India’s potential to become a global leader in digital innovation and fintech startups.

He stressed the need to balance innovation with regulation, ensuring that the fintech sector develops sustainably and securely. Das suggested that self-regulation within the fintech industry could help create effective regulations that protect consumers while promoting innovation.

As India approaches 100 years of independence, the RBI has set five key goals: digital financial inclusion, robust digital infrastructure, consumer protection and cybersecurity, sustainable finance, and global cooperation.