Japan Explores Ways to Join India’s UPI Payment System

By Srikanth
2 Min Read
E-RUPI India's digital currency launch
E-RUPI India's digital currency launch

Japan is planning to join the hands with India’s UPI payment system and cooperate with the digital identity system.

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Bhutan, Nepal, Singapore and UAE are the countries that have already initiated accepting Unified Payment Interface (UPI) payment systems.

Almost every global forum the country is presenting Hon’ble PM Modi’s Digital India vision, whether it is G20, SCO (Shanghai Cooperation Organization) or G7. It attains a great traction.

Union Minister for IT and Telecom Ashwini Vaishnaw said that the people understand how the prime minister has democratized digital technology.

Japanese Digital Minister Kono Taro mentioned that in an interview with a media channel Japan is also planning and looking forward to join India’s UPI system and working on mutually recognizing digital identities.

Taro also mentioned that they just had their G7 Digital Ministers’ meeting and had our Indian Digital Minister Mr. Vaishnaw join them. Japan and India are taking initiatives to promote digital cooperation.

The country, Japan is now seriously thinking about joining Indian UPI, the payments system and contemplating how they can mutually recognize e-ID, for initiating with cooperation for the increment of interoperability.

UPI, debit and credit cards, and prepaid payment instruments are the instances of Mobile and Prepaid cards that are processing 87.92 billion transactions worth Rs. 149.5 trillion in 2022 in India. In terms of UPI, Person-to-Merchant (P2M), and Person-to-Person (P2P) these are the most preferred payment modes among consumers with a market share of 40% and 44% in terms of transactions volume.

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