UPI set to launch in Uzbekistan
What's the story
The Unified Payments Interface (UPI) will soon be launched in Uzbekistan, the Ministry of External Affairs (MEA) has confirmed. The development comes after Prime Minister Narendra Modi's two-day official visit to Tashkent over the weekend. MEA Secretary (West) Sibi George said this is a major step toward expanding Indian digital infrastructure globally and facilitating digital transactions between India and Uzbekistan.
Implementation details
Commercial pact firmed up between NPCI and Uzbekistan
A commercial pact was firmed up between NPCI International Payments Ltd (NIPL) and Uzbekistan's National Interbank Processing Centre JSC to implement UPI in the Central Asian country.
The deal will let Indian UPI apps scan QR codes (UZQR) for merchant payments in Uzbekistan.
This is a major step toward facilitating seamless digital transactions and boosting economic ties between the two nations.
Strategic alliance
India and Uzbekistan sign comprehensive strategic partnership
India and Uzbekistan have also signed a comprehensive strategic partnership with a target of $5 billion in annual trade by 2030.
The agreement was signed after talks between PM Modi and Uzbek President Shavkat Mirziyoyev on Sunday.
A total of 11 agreements were signed covering areas such as trade, investment, infrastructure, critical minerals, mining, defense, security, agriculture, pharmaceuticals, health, information technology, and digital public infrastructure.
Travel advantages
Cash-free travel for tourists
The international rollout of UPI will benefit eligible users, including Indian tourists and travelers visiting foreign countries.
It will allow them to send and receive money securely in real-time while significantly lowering payment costs compared with conventional cross-border transfer methods.
The system also enables cash-free travel for tourists, allowing digital payments directly from linked Indian bank accounts without the need for significant cash in hand.