Das moots linking of UPI with Japan’s fast payment system

MUMBAI: RBI governor Shaktikanta Das has proposed linking of UPI with Japan’s local fast payment system to bring down cost of cross-border transactions. The proposal comes close to the success of linking UPI with Singapore’s fast payment system PayNow.

“UPI has spurred the development of new payment-related products and services. Further, linking of the UPI with fast payment systems of other countries is also being undertaken.

Linkage of fast payment systems of India and Japan may also be explored to leverage the power of fintech and make cross-border payments more efficient and less costly,” said Das. He was speaking at a symposium on Indian economy in Tokyo on Thursday.