In this example, the RuPay logo is displayed on a smartphone. Image has been used for representational purpose only. , Photo Credit: Reuters
India and Russia will explore the possibility of accepting RuPay and Mir cards in each other’s country for hassle-free payments amid sanctions imposed by the West on Moscow.
Sources said that in the recent high-level Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) meeting, it was discussed and agreed to explore the possibility of allowing acceptance of these cards. expressed.
Sources said the mutual acceptance of RuPay (India) and Mir Card (Russia) would help Indian and Russian citizens to make hassle-free payments in Indian rupee and Russian ruble in their respective countries.
The meeting, co-chaired by External Affairs Minister S Jaishankar and Deputy Prime Minister of Russia Denis Manturov, also agreed to explore the possibility of negotiating Unified Payments Interface (UPI) and Faster Payment System (FPS) of the National Payments Corporation of India. Bank of Russia.
In addition, it was also agreed to adopt the Russian Financial Messaging System, the Service Bureau of the Bank of Russia’s Financial Messaging System, for cross-border payments.
Currently, overseas payments from India and vice versa are done through the SWIFT network.
At the given point when the restrictions are imposed, sources said, it would not be possible for India to opt for the SWIFT network.
Recently, Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong launched cross-border connectivity between UPI and PayNow.
Linkage of Unified Payments Interface (UPI) of India and PayNow of Singapore Now allows people in both countries to make fast and affordable digital transfers.
It will help the Indian diaspora in Singapore, especially migrant workers and students, through instant and low-cost transfer of funds from Singapore to India and vice versa.
The PayNow-UPI linkage is the world’s first real-time payment system linkage to use scalable cloud-based infrastructure that can accommodate future growth in remittance traffic volumes.
Initially, State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances, while Axis Bank and DBS India will facilitate inward remittances.
UPI was launched in 2016, and has since emerged as the most popular and preferred payment mode, leading in person-to-person and person-to-merchant transactions, accounting for 75% of total digital payments Is.
UPI transaction volume to increase from 0.45 crore in January 2017 to 804 crore in January 2023. The value of UPI transactions has increased from just ₹1,700 crore to ₹12.98 lakh crore during the same period.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating the retail payment and settlement system in India.
It has created a strong payment and settlement infrastructure in the country. It facilitates payments through a bouquet of retail payment products such as RuPay Card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay .