India’s digital payment system, UPI, is set to expand to another country. India and Indonesia have agreed to connect their digital payment systems.
Once this partnership is implemented, Indian travelers and businesses will be able to make payments in Indonesia using UPI. In the same way, people from Indonesia will be able to use their QR-based payment system in India.
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What Is the Agreement?
The agreement was reached during a meeting between Prime Minister Narendra Modi and Indonesian President Prabowo Subianto.
Both countries decided to strengthen cooperation in digital payments by working to link India’s UPI with Indonesia’s QRIS payment system.
How Will People Benefit?
Once the system becomes operational, Indian travelers in Indonesia will not need to exchange currency frequently or rely on international debit or credit cards for everyday payments.
They will be able to pay easily by scanning QR codes through UPI.
Similarly, Indonesian visitors traveling to India will be able to make digital payments using their country’s QR-based payment system. This will make payments quicker, easier, and more convenient for travelers from both countries.
Cooperation in Other Sectors
Apart from digital payments, India and Indonesia have agreed to increase cooperation in several other areas.
These include fintech, artificial intelligence (AI), digital infrastructure, startups, education, critical minerals, and supply chains. The two countries also discussed ways to strengthen their overall economic partnership.
UPI Continues to Expand Globally
UPI has expanded to several countries over the past few years. The planned partnership with Indonesia will further strengthen India’s global digital payments network.
It is also expected to create new opportunities for Indian fintech companies as UPI continues to grow in international markets.