Narendra Modi on Tuesday announced that India’s Unified Payments Interface (UPI) will soon be linked to Indonesia’s digital payments system. After this initiative, Indian travelers will be able to easily make digital payments through local payment networks in Indonesia.
UPI Payment System: India’s digital payments platform Unified Payments Interface (UPI) is continuously expanding its reach globally. Prime Minister Narendra Modi announced in Indonesia’s capital Jakarta that India’s UPI is now going to be connected to Indonesia’s digital payment system. After this initiative, Indian citizens will also be able to make easy payments in Indonesia through their UPI-based mobile app.
This step is considered important towards strengthening the digital cooperation between India and Indonesia as well as making tourism, trade and financial transactions more simple and convenient.
Indian travelers will get direct benefits
After the integration of UPI and Indonesia’s payment network, the need for Indian travelers to carry cash in local currency or exchange foreign currency will be reduced to a great extent. Now Indian tourists, businessmen and other travelers will be able to make digital payments using the UPI app on their mobile phones at shops, restaurants, hotels and other business establishments where this facility is available. This will not only speed up the payment process but also reduce the risks associated with carrying cash.
What did PM Modi say?
During a joint press conference with Indonesian President Prabowo Subianto in Jakarta, Prime Minister Narendra Modi said that digital cooperation between India and Indonesia is continuously strengthening. He said that linking UPI with Indonesia’s payment system will give a new impetus to trade and tourism between the two countries. According to the Prime Minister, digital connectivity has become an important part of modern economic partnership.
Apart from digital payments, India and Indonesia have also agreed to increase cooperation in many other areas. Prime Minister Modi said that new agreements have been made between the two countries to strengthen critical minerals, steel industry and supply chain. He said that new partnerships are being developed between companies of the two countries in areas such as stainless steel and rare-earth magnets. The aim of these agreements is to make the global supply chain more robust and sustainable.
Cooperation in maritime security and space sector also
India and Indonesia have also created a comprehensive framework regarding maritime security and maritime cooperation. Along with this, it has also been agreed to increase cooperation between the Indian Space Research Organization (ISRO) and the space sector of Indonesia. Prime Minister Modi said ISRO will assist Indonesia in peaceful space research and technological capacity building. This cooperation can open new opportunities for scientific research, space technology and regional development.
In his address, Prime Minister Modi also mentioned the historical and cultural relations between India and Indonesia. He told that the President of Indonesia will launch the conservation project of the famous Prambanan Temple located in Yogyakarta. This initiative is being considered a symbol of further strengthening the shared cultural heritage and historical relations of the two countries.
UPI is now available in 10 countries
After the addition of Indonesia, India’s UPI network has now reached a total of 10 countries. These countries include Singapore, United Arab Emirates (UAE), France, Mauritius, Bhutan, Qatar, Sri Lanka, Cambodia, Nepal and now Indonesia. The international expansion of UPI is being considered an important achievement in making India’s digital payment system recognized globally.
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