Ghana May Join UPI Revolution With France & Singapore

Ghana May Join UPI Revolution With France & Singapore

The two nations also talked about the potential for a Memorandum of Understanding (MoU) on the Local Currency Settlement System (LCCS) in trade, digital transformation options

Vikrant DurgaleUpdated: Monday, May 06, 2024, 04:09 PM IST
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Ghana In talks with india to enable upi | Representational pic

The talks took place during the May 2 and May 3 Joint Trade Committee (JTC) meetings between Ghanaian and Indian officials in Accra. According to the Commerce Ministry, the two nations also talked about the potential for a Memorandum of Understanding (MoU) on the Local Currency Settlement System (LCCS) in trade, digital transformation options, and the advantages provided by the African Continental Free Trade Agreement.

The latest development in India's UPI expansion—which is already available in nations like France, the United Arab Emirates, Sri Lanka, and Mauritius—will be the linking of the instant payment systems of Ghana and India. By settling bilateral trade payments in local currencies, the two nations will become less reliant on the US dollar, which will strengthen the rupee.

Already Expanded In

India and Singapore connected their respective digital payment systems, the Unified Payments Interface (UPI) and PayNow, last year in an effort to facilitate cross-border payments. The National Payments Corporation of India (NPCI) has now declared that this feature is available on PhonePe, Paytm, and BHIM (Bharat Interface for Money).

"Indians can now receive instant, safe, and affordable remittances straight into their bank accounts from the Singapore-based Indian diaspora, thanks to the cross-border linkage between UPI and PayNow," the NPCI said.

With the official launch of the Unified Payments Interface (UPI) on Friday, February 2, at the Indian Republic Day reception at the Eiffel Tower in Paris, travelers can now easily plan their trips using India's payment method while visiting this famous landmark.

The National Payments Corporation of India (NPCI) has announced that, in order to make it easier for UPI payments to be accepted throughout Europe, beginning with the Eiffel Tower, their international arm, NPCI International Payments (NIPL), has partnered with the French e-commerce and proximity payments platform Lyra.

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