Mumbai, May 6: India’s Unified Payment Interface (UPI) is set to link with Vietnam’s fast payment system. This announcement was made by Prime Minister Narendra Modi following bilateral talks with Vietnamese President Vo Van Thuong.
A memorandum of understanding has been signed between the Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV). This agreement aims to foster collaboration between the two countries’ central banks in payment systems and digital payment innovations.
Prime Minister Modi stated, “India and Vietnam have decided to enhance cooperation between their central banks to boost financial connectivity. Under this initiative, India’s UPI will soon be linked with the fast payment system.”
Additionally, India and Vietnam aim to increase bilateral trade to $25 billion by 2030.
Modi emphasized, “Through new initiatives in critical minerals, rare earth metals, and energy cooperation, we will ensure economic security and strengthen supply chains for both nations. We have decided to advance our relations through a Comprehensive Strategic Partnership.”
Currently, UPI is available in over eight countries, including the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, establishing India as a global leader in digital payments. The expanding international reach of UPI is driving remittances, promoting financial inclusion, and bolstering India’s position in the global fintech landscape.
In April, the number of UPI transactions rose by 25% year-on-year to 22.35 billion. The value of these transactions increased by 21% year-on-year to ₹29.03 trillion.
Since its launch in 2016, UPI has recorded its highest monthly transactions at 22.64 billion. According to the Finance Ministry, India’s leading digital payment platform has witnessed an extraordinary growth of nearly 12,000 times in transaction volume over the past decade.
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