The Reserve Bank has published the Payment System Report, December 2024. This report, in addition to analysing the trends in payment transactions carried out using various payment systems in India during the last five calendar years up to CY-2024, covers important developments in the payment ecosystem and provides an in-depth analysis into UPI. Henceforth, the Report will be published on RBI website on half yearly basis.
RBI has also joined Project Nexus, a multilateral international initiative to enable instant cross-border retail payments by interlinking domestic fast payment systems of multiple countries. Payments to merchants using Indian UPI apps via QR codes has been enabled in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
The report states that the Reserve Bank of India has been working towards enhancing cross-border payments by linking UPI with the fast payment systems of other countries. Such linkages, it said, aid in addressing the issues of high cost, low speed, limited access and lack of transparency in cross-border remittance payments. The fast payment systems of India (UPI) and Singapore (PayNow) were linked in February 2023.
