You can soon use Alipay+ for UPI payments abroad
What's the story
The Indian government and the Reserve Bank of India (RBI) are in talks with Ant International to link Alipay+ with India's instant payments system. This would enable seamless cross-border transactions. The move is aimed at making payments easier for Indian tourists who could use UPI with foreign merchants signed up with Alipay+.
Potential impact
Potential benefits for Indian tourists
The integration of Alipay+ into India's UPI could facilitate easier payments for Indian tourists, potentially benefiting international tourism. It would allow Indian tourists to make payments in foreign countries without any hassle, as long as the merchants are signed up with Alipay+.
Response pending
Official comments and status of discussions
Despite the potential benefits of linking Alipay+ with India's instant payments system, official comments from the Finance Ministry, RBI, and National Payments Corporation of India are still awaited. The discussions have not been made public yet. Singapore-based Ant International, an overseas arm of Chinese fintech giant Ant Group, has also not responded to requests for comment on these talks.