RBI to link UPI, Asean payment systems

MUMBAI:

RBI

has joined

Project Nexus

, an initiative to enable instant cross-border retail payments by linking domestic

Fast Payment Systems

.
Nexus will initially interlink India’s UPI to the FPS of Malaysia, the Philippines, Singapore, and Thailand by next year. Indonesia is set to join the platform in the future.
“In my view, the greatest advantage of Project Nexus will be to make

cross-border payments

much faster and less costly.

This is a precursor to greater

international cooperation

among countries to enable faster cross-border remittances at a lower cost,” said RBI governor Shaktikanta Das at the signing of the agreement on Sunday.