PM Modi makes BIG announcement, plans to link India's UPI with New Zealand's fast payment system; Details
UPI has grown into the world's largest real-time payment system, accounting for nearly 49 per cent of all real-time payment transactions globally.
Prime Minister Narendra Modi addresses a community event, in Auckland, New Zealand. (@NarendraModi/YT via PTI Photo)
Prime Minister Narendra Modi on Saturday said India and New Zealand are taking their partnership to the next level by expanding cooperation in several key sectors. One of the major announcements was the plan to link India's Unified Payments Interface (UPI) with New Zealand's fast payment system, making digital transactions between the two countries easier.
Speaking at a gala lunch hosted by New Zealand Prime Minister Christopher Luxon in Auckland, PM Modi said both countries are working to turn their Strategic Partnership into practical results through closer cooperation in areas such as digital technology, agriculture, education and traditional medicine.
He said India and New Zealand are making steady progress in connecting their digital payment systems. The Prime Minister also highlighted growing cooperation in agriculture, dairy and food processing, saying the partnership will create new opportunities and benefit farmers and livestock owners in both countries.
Speaking at an Indian community event titled 'Kia Ora Modi' in Auckland, also attended by his Kiwi counterpart Christopher Luxon, Modi said that the relationship between India and New Zealand is built on cherished memories, enduring friendship, shared values and a mutual commitment.
"Amidst global challenges, the speed at which India is developing is unprecedented. Today, India is the world's fastest-growing major economy," Modi said, amid cheers and applause from the audience.
Earlier this week, PM Modi also announced that UPI will be linked with Indonesia's payment system. The move will allow tourists and businesses in both countries to make cross-border payments more easily using their own domestic payment apps.
Last month, UPI was also launched in Greece, allowing eligible users to send and receive money instantly and securely while reducing transaction costs compared with traditional payment methods.
UPI has grown into the world's largest real-time payment system, accounting for nearly 49 per cent of all real-time payment transactions globally. It is currently available in around nine countries, where it supports merchant payments and cross-border money transfers.
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