India’s UPI will create a sensation in the world, people of these 4 ASEAN countries will be able to make payments, know full details

The country’s central bank RBI has joined Project Nexus. This will enable domestic fast payment systems like UPI to make money payments between people sitting outside the country. From next year, the fast payment systems of Philippines, Malaysia and Thailand will be linked to UPI. Due to which the citizens of these countries will be able to make digital transactions of money through UPI. Indonesia can also join the UPI payment system in the future.

Let us tell you that RBI signed this agreement on Sunday. Also during this time RBI Governor Shaktikanta Das said that, in my opinion the biggest benefit of Project Nexus will be that it will make cross border payments much faster and less expensive. This will increase more international cooperation between countries to speed up cross border digital transactions at a lower cost.

RBI has joined Project Nexus to enable cross-border retail payments through UPI and FPSs of multiple countries. Governor Shaktikanta Das has expressed hope for reduction in costs in line with World Bank assessment. The initiative involves BISIH and aims to forge multilateral cooperation to enhance payment efficiency and speed, which will benefit person-to-person and person-to-merchant transactions.

RBI Governor Shaktikanta Das emphasised the benefits of Project Nexus, which aims to integrate UPI with fast payment systems of countries such as Malaysia, Philippines, Singapore and Thailand, with Indonesia to join later. The initiative aims to improve cross-border payment efficiency, thereby promoting international collaboration for faster and more cost-effective transactions.

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