India UPI transactions will be able to see in USA because NPCI in Talks with Banks of USA

India-USA UPI Talks: A latest news has come in the context of how rapidly the fame of India's UPI is spreading in many countries of the world. The sound of India's UPI can also be heard in America because now the most powerful country of the world is also going to come under the scope of expansion of UPI (Unified Payment Interface). In fact, the National Payments Corporation of India, which operates UPI, and the banks of India are in advanced discussions with many banks of America under which real-time payment connection can be established between India and the US. Through this initiative, NPCI can get great help in implementing cross border payments systems in other countries of the world.

Effort to create real-time payment link between India and America banks

According to the report published in Economic Times, efforts are being made to create a real-time payment link between the banks of both the countries (India and America). NPCI is already making efforts in this direction and now advance talks are also taking place between Indo-US banks. It is hoped that some concrete news may be heard in this regard soon. It is mentioned in the ET report that cross border payments through this
NPCI's expertise will be further expanded. A person with knowledge of the matter said that those banks of India which have experience in matters of Unified Payments Interface (UPI) and those banks of America which can develop models for this – they are conducting pilot tests. Along with this, NPCI itself is establishing coordination between such banks of both the countries.

NPCI is in discussion with America's FedNow

According to the report, NPCI, which operates retail payments and settlement systems in India, is in discussion with America's FedNow. Let us tell you that NPCI comes under the Reserve Bank of India, the central bank of India, whereas FedNow was launched in America as a real payment service after the Federal Reserve meeting in July last year and is the equivalent of UPI there.

Initially the focus will be on small consumer transactions

According to people aware of the matter, initially only small transactions will be possible in the proposed payment model between India and America. This will enable only small amount transactions in the initial phase because the American system does not have a systematic and huge network and system like India's UPI. Therefore, one can start there with small amount transactions first.

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