NTT Data Payment, a leading global payments solutions provider, has revealed that Japan is keen to explore collaboration with India on the Unified Payments Interface (UPI).
UPI, a real-time payment system developed by the National Payments Corporation of India (NPCI), has gained immense popularity and adoption in India. Its convenience, speed, and interoperability have made it a preferred choice for digital transactions.
According to the NTT Data Payment India head, Japan recognizes the success and potential of UPI and is interested in learning from India’s experience to implement similar systems in their domestic market. A collaboration could involve knowledge sharing, technology transfer, or joint development of UPI-like solutions.
“Japan is impressed by the growth and impact of UPI in India,” the India head stated. “We are actively exploring opportunities to collaborate with Japanese financial institutions and government agencies to introduce similar payment systems in Japan.”
A potential collaboration between India and Japan could have significant implications for both countries. It could boost economic ties, promote digitalization, and enhance cross-border payments. India, with its vast experience and expertise in UPI, could play a pivotal role in assisting Japan in developing a robust and efficient payment infrastructure.
As the discussions between India and Japan continue, it remains to be seen what form the collaboration will take and when it will be implemented. However, the interest from Japan in UPI is a positive sign for the future of digital payments in both countries.
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