SWFT vs UPI
- May 20, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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SWFT vs UPI
Subject: Economy
Section: External Sector
SWIFT | UPI |
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Also to be noted:
- After Russian banks were cut off from SWIFT, the System for Transfer of Financial Messages (SPFS) was developed by Russia’s central bank as an alternative to SWIFT.
- It has been suggested India now should also start developing its CBDC or digital rupee-based Global Payments Interface (GPI) for cross-border payments.
- Japan, which said it was seriously considering joining Indian UPI to increase interoperability.
- UPI and/or RuPay are already available in countries like Singapore, Nepal, Bhutan and United Arab Emirates (UAE) for Indians travelling there.
- For non-resident Indians (NRIs), there are 10 countries which allow making payments (UPI) through their local phone numbers, including Australia, Canada, the UAE, Oman, Qatar, Singapore, Hong Kong, the UK and the US.
NIPL for tech diplomacy: NPCI International Payments Limited (NIPL) has been incorporated (“Company”) on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI). NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India. |