Team Blitz India
NEW DELHI: The Reserve Bank of India (RBI) Governor Shaktikanta Das on November 9 suggested linking fast payment platforms of India and Japan for easy cross-border transfers.
India’s UPI (unified payments interface) has spurred development of new payment-related products and services, Das said, adding that linking the UPI with fast payment systems of other countries is being undertaken.
“Linkage of fast payment systems of India and Japan may also be explored to leverage the power of fintech and make cross-border payments more efficient and less costly,” he said at the Symposium on Indian Economy 2023 in Tokyo.
In March, Japan’s digital minister Kono Taro told Mint that Japan would consider linking systems eventually if his country adopts UPI. The UPI-PayNow linkage for cross-border remittances between India and Singapore was launched in February 2023 and other similar linkages with several countries are work in progress, said a footnote in the text of his speech uploaded by RBI.
