Japan may join Indian UPI payments system, will turn out to be a positive development for both the countries
UPI payments have seen a sudden increase in India after Prime Minister Narendra Modi’s idea of Digital India. The transaction platform has become increasingly popular in India and was expected to compete with other countries’ transaction platforms. Now, the Japanese digital minister Kono Taro has expressed the government’s serious intention to join India’s UPI payment system as per a report by WION.
This move will highlight the growing interest in digital cooperation between the two countries. He also mentioned exploring mutual recognition of EID (Electronic identification)with an aim to enhance interoperability.
Not only this the minister also appreciated India’s digital revolution over the past few years. He also expressed his desire for collaborating with India, especially in the field of digital payments. Before Japan, even Thailand, UAE, Bahrain, Mauritius, and Singapore have shown their interest in joining the UPI payment system of India.
Japan’s digital minister said in a statement,” Japan and India are trying to promote digital cooperation. We are now seriously thinking about joining the Indian UPI payment system.”
This move by the other countries would allow cross-border transactions between the Indian residents and other countries such as Japan. Thailand and Singapore.
