Reserve Bank of India Governor Shaktikanta Das said India may explore linking their Unified Payments Interface (UPI) with Japan s fast payment system for more efficient and cost-effective cross-border payments. This move follows a successful real-time linkage between UPI and PayNow with Singapore earlier this year.
Jay Shambaugh also discussed ongoing explorations in various jurisdictions into the future of money and payments. This includes experiments with cross-border Central Bank Digital Currencies (CBDCs) and distributed ledger technology (DLT)-based payments.
Paytm Payments Services Limited, a subsidiary of One97 Communications, has become the first in the industry to offer an alternate ID-based guest checkout solution for merchants. This solution allows customers to make purchases without saving their card details on the merchant s website, making the process faster and more secure. Paytm has integrated with card networks to generate alternate IDs for these transactions, meeting RBI s guidelines and protecting cardholders data. The solution has been developed in collaboration with Visa and aims to enhance payment security and facilitate secure digital transactions in India.
India s DPI ecosystem, also known as "India Stack," consists of interconnected and interdependent services such as payment, data sharing, and identity to create opportunities for digital innovation,