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.
The now-defunct Yokohama Specie Bank bankrolled the cotton trade between the two countries in the 19th century after Japan emerged from self-imposed isolation.