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New Delhi: The Centre and the Reserve Bank of India are examining a proposal to link India's Unified Payments Interface (UPI) with Singapore's Alipay+ to facilitate cross-border payments. If the proposal is adopted, it will allow Indians travelling overseas to make UPI payments via the Alipay+ system and vice-versa.
People familiar with the matter said a final decision on the plan will be taken after weighing several factors, including data security and safeguarding IT systems.
Alipay+ has a broad presence in Asia and such an arrangement will provide a big boost to UPI and cross-border digital payments.
"There is a proposal... a number of issues have to be studied and accordingly it would be decided," said one of the persons.
Data safety issues
Discussions are on among the National Payments Corporation of India (NPCI), which manages UPI, National International Payments Ltd (NIPL) and Singapore-based Ant International, the person said. NIPL is a unit of NPCI.
Issues related to firewalls, data safety and technology are being examined, he said.
Any decision will also take into account geopolitical developments in view of Alipay''s Chinese roots, another person said. New Delhi had in 2020 introduced a mandatory prior clearance requirement for investments from countries along its border, amid tensions with China, through Press Note 3, which remains in force.
However, there has been a thaw in Sino-India ties with Prime Minister Narendra Modi visiting China in August last year for the first time in seven years. India has since eased visa restrictions on Chinese nationals and the two have resumed direct commercial flights after a five-year hiatus.
India has been pushing for expanding cross-border payments via UPI, which is already available in multiple countries including Singapore, France and the United Arab Emirates.
RBI and NPCI didn't immediately respond to queries.
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Alipay+ has a broad presence in Asia and such an arrangement will provide a big boost to UPI and cross-border digital payments.
"There is a proposal... a number of issues have to be studied and accordingly it would be decided," said one of the persons.
Data safety issues
Discussions are on among the National Payments Corporation of India (NPCI), which manages UPI, National International Payments Ltd (NIPL) and Singapore-based Ant International, the person said. NIPL is a unit of NPCI.Issues related to firewalls, data safety and technology are being examined, he said.
Any decision will also take into account geopolitical developments in view of Alipay''s Chinese roots, another person said. New Delhi had in 2020 introduced a mandatory prior clearance requirement for investments from countries along its border, amid tensions with China, through Press Note 3, which remains in force.
However, there has been a thaw in Sino-India ties with Prime Minister Narendra Modi visiting China in August last year for the first time in seven years. India has since eased visa restrictions on Chinese nationals and the two have resumed direct commercial flights after a five-year hiatus.
India has been pushing for expanding cross-border payments via UPI, which is already available in multiple countries including Singapore, France and the United Arab Emirates.
RBI and NPCI didn't immediately respond to queries.
