By linking the Indian and Ghanaian instant payment systems, the two countries will become less dependent on US dollars.
"I'm confident that Indian tourists will give priority to destinations with UPI." - Narendra Modi
It is the era of UPI now, and we no longer need to use cash or cards for payments. From as simple as buying groceries from local stores to paying monthly bills, the UPI service has made our everyday transactions far more convenient, bringing a revolution to the nation's financial landscape. And you know what's even better? It's now going beyond India's borders, becoming a global system.
Recently, India and Ghana agreed to work for the operationalization of the UPI service of the National Payments Corporation of India (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of six months. This will allow users in both countries to transfer funds instantly and at a much lower cost, reducing dependency on the US currency. According to a statement issued by the Commerce Ministry, the two countries also discussed the possibilities of a Memorandum of Understanding (MoU) on Local Currency Settlement System (LCCS) in trade, digital transformation solutions, and the opportunities offered by the African Continental Free Trade Agreement.
However, Ghana won't be the first country outside of India to accept the UPI. So, let's have a look at the other countries where the service is already available.
On July 13, 2021, Bhutan became the first country outside of India to adopt the UPI service. The NPCI International Payments Ltd (NIPL) issued a press release that read, "The launch of BHIM UPI in Bhutan will add a new milestone in financial integration between the two economies. The collaboration between NIPL and RMA will enable acceptance of Unified Payments Interface (UPI) powered BHIM App in Bhutan.”
 powered BHIM App in Bhutan.”.webp)
On February 12 this year, India rolled out its UPI service in Sri Lanka and Mauritius through a virtual ceremony. Moreover, the RuPay card services were also introduced in Mauritius as part of the initiative. Indian Prime Minister Narendra Modi along with Mauritian Prime Minister Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe attended the ceremony.
PM Modi with Mauritian Prime Minister Pravind Jugnauth and Sri Lanka's President Ranil Wickremesinghe
"Today is a special day for the three friendly countries of the Indian Ocean Region as we are linking our historic ties with modern digital technology. I believe that Sri Lanka and Mauritius will benefit from the UPI system," said Modi in his statement.
A few months ago, the Eiffel Tower in France started offering UPI payments, benefiting Indian tourists visiting the iconic monument. The press release issued by the NIPL read, "NPCI International Payments Limited (NIPL) in partnership with Lyra, a French leader in securing e-commerce and proximity payments, has announced the acceptance of Unified Payments Interface (UPI) payment mechanism in France starting with the iconic Eiffel Tower."
The Eiffel Tower in France
Back in 2022, the NPI partnered with the Mashreq Bank’s NEOPAY to enable UPI-based payments in the UAE. Given that the UAE is one of the top destinations for Indian travelers, this was a significant move without an iota of doubt. However, it's worth noting that UPI payments are possible in only those UAE shops that have NEOPAY terminals.
"We are glad to witness BHIM UPI going live in the UAE through our partnership with NEOPAY. This initiative will enable Indian tourists to perform payments using BHIM UPI which has emerged as the preferred mode of payment of Indian citizens. We are dedicated to building a vast global acceptance network for UPI to ensure seamless user experiences when it comes to payment," said Ritesh Shukla, CEO, NIPL.
The list doesn't end here. Besides the above-mentioned countries, it also includes Nepal, Oman, and Singapore among others. With time, it's going to be available in many other parts of the world as well.
