The Truth About UPI Going Global
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- Опубліковано 15 тра 2024
- In this debate, we try to unpack UPI, India’s fintech revolution, examining some of its international competitors, and also trying to better understand the future potential that this incredible digital payments infrastructure has.
0:00 Intro
1:04 Understanding India Stack
3:08 Aadhar - Precursor to UPI
5:40 Birth of UPI
8:21 UPI competitors globally
18:20 UPI's Growth in India
19:54 UPI Going Global
23:42 Future Potential of UPI
28:06 Future Predictions
UPI traces its roots to, 'India Stack', which is a collection of digital infrastructures designed to propel India's progress across sectors like finance, health, and education. It originated as a response to the country's economic evolution. In 1991, India transitioned from a closed economy to an open one due to financial turmoil. This shift attracted foreign investment, boosting the GDP from $270 billion in 1991 to $1 trillion by 2006. However, this growth disproportionately benefited the wealthy, leading to the term "Billionaire Raj."
Economic liberalization seemed to favor the affluent, causing inequality to rise. To address this, the government focused on financial inclusion. Initiatives like MNREGA aimed to guarantee employment and deposit money directly into bank accounts. But the lack of widespread bank access and owner identification posed challenges. In response, the government conceived an ambitious plan - assigning a digital identity to all Indians, manifested in the Aadhar system launched in 2009.
Aadhar became the initial component of India Stack, facilitating secure identification and enabling access to services. This platform subsequently paved the way for a range of digital services and solutions, revolutionizing areas like e-commerce, digital payments, and more.
Before UPI, IMPS (Immediate Payment System) was introduced as a real-time payment method but required complex processes, such as logging into a bank's website, entering account details, and lacked user-friendliness. While alternatives like NEFT and RTGS existed, IMPS was preferred for low-value transactions. The need for a more accessible interface led to the development of UPI (Unified Payments Interface). UPI aimed to simplify peer-to-peer payments, catering to consumer demands for ease of use. This move was driven by the rising popularity of digital wallets like Paytm and the realization that startups could convert users into digital natives.
The central idea of UPI was to enhance security by decoupling payments from regular Internet banking. Users would authenticate only for transactions, ensuring the safety of the banking system. UPI's launch in April 2016 marked a turning point, initially showing slow adoption. However, its growth coincided with the revolutionary impact of Jio, which provided widespread access to high-speed internet. This accessibility empowered people to download various apps, including those related to digital payments. Ultimately, the UPI system's convenience and security, combined with increased internet availability, facilitated its integration into everyday transactions, ushering in a new era of digital financial interactions in India.
The Unified Payments Interface (UPI) experienced significant growth in India, particularly during the pandemic, as the preference for digital payments over cash surged. The growth trajectory of UPI intensified since 2020, notably demonstrated by the personal experience of Pankaj who relocated to Bangalore during the lockdown and found ubiquitous UPI QR codes, even among street vendors and beggars. This trend expanded to remote areas, resulting in India's digital transactions surpassing China's by twofold and the US's by over tenfold by 2022. India's neighboring countries, Nepal and Bhutan, took the lead in adopting UPI into their payment systems. Nepal plans to integrate UPI as its primary real-time payment system, with technological assistance from India. Other nations like Singapore, Malaysia, Bhutan, and European and Arab countries have also started incorporating UPI as a payment method, largely influenced by their substantial Indian populations. This adoption addresses remittance challenges, replacing options like Swift or Paypal that incurred fees of 2-5% and delays of 1-2 days. The success of UPI has positioned India as a pioneer in digital payment systems, influencing neighboring countries and even distant regions with sizable Indian communities.
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Zero balance Jan dhan accounts were not mentioned. It was a crucial and important step in the success of UPI adoption
Actually corona helped 😂😂😂😂
True
50 million Han dhan account have 2.5 trillion rupees now 🎉
@@sumit2302upi user were high even befor corona
@@sumit2302nope. UPI saved us indirectly from CoViD.
Moved to German in 2015 and I can say this India is miles miles ahead of most of European nations too. Especially Germany which is still stuck on faxes and letters. money sent to a bank still takes 2-3 days to get deposited in target accounts. no QR codes nothing.
What da faq!
2-3 days just to transfer money? In India it will only take 2-3 seconds. & You can also transfer money while you are in bathroom.
@@akash_bardhanyou transfer money in bathroom bro? 😂
@@akash_bardhan😂 the last point wasn't nessacery
no way germany is so advanced india is still very far behind
Not true at all, SEPA payment is instant, you can send money to any account in the EU instantaneously.
India also made it easy for people to port their phone number between providers. This enabled users to stick with one phone number and not worry about updating their aadhar everytime they changed providers
"I paid a beggar via UPI"🤣 Knowledge about India and humor in one show - I love this!
You Did made a valid point of expanding UPI by making it more accessible to foreigners instead of signing agreements from various countries. UPI has the potential of becoming a product which world uses just like many products that have been coming in from USA , China or EU.
But the thing is it's not a wallet. It needs banks at the backend.
It isn't a product, it's a technology.
Its already happened in during G20 foreigners can do upi transactions
It's digital "public" good means the governments of those foreign countries have to sign up and provide the backend infra for UPI
@@realbulldozerbabaWhat about CBDC??
In my opinion, why UPI cannot collaborate with international private players is because all these players are a profit making enterprise and charge a decent amount as commission.
Whereas on the other hand UPI is free and not a profit making company
UPI is free because now the govt had your data. The "fee" is hidden in the billions of cost saves the govt will have if they had to buy your identifying data.
@@rajcha8976 no hidden cost seller getting exact amount buyer paying ..
@@rajcha8976 but you need give data. it doesn't matter if it's private companies or govt but rather who you would trust and that's why upi not a profit making system for Indian government. But I don't really understand that much about online backing and how it's work behind the scenes. Just what I think.
Nothing is free dada..
@@yam2050 I know nothing is free and the govt is incurring the cost, in this years budget also provisions were there to keep UPI afloat.
The question is how many foreign govt will incur these charges.
Also if charges are levied, they will be much cheaper than other payment methods. Consider it as a customer acquisition cost
UPI is already accessible to all G20 countries tourists through a wallet system. International tourists can use them as per their needs without having a bank account in India.😊 It will be further expanded to other countries as well.
the point he was trying to make was to have UPI link between say Amex & Indian banks then the need for wallets is void and true purpose of UPI that is bank to bank transactions can go global
They are comparing UPI with wechat and visa but India is competing with SWIFT network, initially start with remitting money or indian tourist can use UPI in offshore, then same method will be used for those countries expoter/impoter and vice-versa
That's what i think too. Wechat and visa maybe comparable to some extend to paytm or phonepe
You are right, there are much more intelligent people sitting out there working on UPI, and these people are comparing it with wechat😂 and giving suggestions how India should expand upi
Still visa and master card growing in double digits in India and upi frauds also growing in double digits 😂
100% agree on point of introducing some version of UPI so that foreigner travelling India can quickly setup and use the UPI feature without any hassle. Government should think about it, it will be a boost to tourism sector too.
It’s already in place, at the airport foreigners can transfer cash to their UPI account for spending. The service desk helps them create the wallet and set it up
There's a few mistakes and different approach you guys took! You were absolutely correct and statistically sceptical which was very nice to see... But although we compare it to wepay or alipay! UPI is different! UPI is a part of stack... Which enables products like ONDC & OCEN to nurture too, which others don't. And also, if you read the doc/mou between the countries accepting UPI you'll get to a clause where they can transact with other upi enabled country too which is different and unique from other parties. UPI sharing agreement is free digital public good so sharing will be with govt and not private individuals! Which also embarks a rapid trusts with citizens and govt! The stack includes unified digital structure for hospitals/healty and also logistics(national logistics policy) and also Govt transactions (G-em) which (technology) can also be shared in future in the name of INDIA STACK. Hence UPI is just the opening of export of digital goods! So although I trust you guys much more than random ass articles, I would still suggest you to have bigger picture! 🇮🇳
How does India control the flow of funds on international transactions as it's instant and may not be easily tracable if bad actors use upi for criminal activities. FDI and banking outside India is highly controlled today.
Do you know if India will charge a 5% tax on international UPI transactions like they do with international credit card transactions. UPI has no insurance or support for fraudulent transactions as it's free, so it's very susceptible to fraudulent activities, and there is no incentive to fix the problem. As it's instant, reversing errant transactions is not possible.
The RBI has allowed UPI transactions for travellers from G20 countries. The Reserve Bank of India had issued a circular in February this year, allowing access to Unified Payments Interface (UPI) to Non Resident Indians (NRIs) and foreign nationals visiting India.
A great discussion! Glad to hear some good discussions happening.
If and when UPI goes global, it would serve one of the purpose what crypto was planning to do. Hope to see more products go global.
Absolutely, same here! Really hoping it goes global in a big way. -Caleb
@@backstagewithmillionaires sir UPI easy but cyber crime cyber fraud in india increase very high rates
UPI is actually now available to foreign tourists coming to India even if they dont have an Indian bank account. That pipe dream came true sooner than anticipated.
I agree Canada is in stone age with respect to payments and banking.
I feel frustrated when ever I have to do some transactions in Canada.
😂😂
Thank God I am in india
But many Canadians make it a point to say Bharat is a 3rd World Nation
1) India cannot hand over the UPI tech as is to any country to protect it and will always play intermediary role. So only small countries which don't have the real time tech yet will absorb the tech into they system.
2) UPI will enter into developed countries and integrate with their native tech to simplify cross border payments. If played right, the more countries we are in, the more cross border payments we can process in between those countries as well (role of xoom, wise and other exchanges)
Yes this will be directly competing SWIFT and make cross border payments so easy
If it scales like what you said in the end, then there is no stopping for UPI to become a global payment system...but interlink of different banks from different country takes time if it's done, then there is a big growth for UPI.
Here, Caleb is right, giving one country's transaction data or even access to transactions can be a security threat and hence makes it unlikely to be used and trusted that easily.
He is absolutely right that what works for India won’t necessarily work for other countries and somewhere the offering has to go as a global offering and not targeting smaller demographics focused on India
My uncle (fathers cousin) moved to Uidai from Infosys at start of aadhar as a manager. He used to live near my home in bangalore .He was there for long time Now i feel really proud that someone who i know and from my family has built growth engine of indias financial success
I've seen a kiosk at mumbai airport arrivals once where foreign visitors could load up a UPI wallet to use in the country. Perhaps that was a pilot.
Used for G20 countries citizens!!! Yup! Could be a trial!
Sirlanka is also using UPI and adopted UPI.
I recently visited Bhutan ... actually UPI does not work in Bhutan for Indian tourists... although Bhutan did develop their own online payment interface with the help of India similar to UPI. But Indians will not be able to use Indian UPI apps with Bhutanese Payment QR. Cash is the only way to pay for Indian tourists.
Guys, loved the entire talk.. Great perspective from both of you! Thanks
Caleb's idea in the end seems more optimistic than bringing UPI technology to another country...You got me mann😉!!!!!!!
Wonderful presentation!! India is going places!! It is interesting to know that Canadian psyment system today is still in stone age!!
Now foreigners can use UPI, like as soon as they enter in airport, they can buy a sim and setup UPI and transfer their money into it. (Though its wallet styled) but it does the job of fast and instant payments…
Need more marketing though…
The way there Dubai Government just offers sim with 150mb free data at Airport when landing is just amazing. India would do something very similar. Give a temporary sim loaded with UPI ID. Do a Netbanking transfer from home account and allow them to use UPI.
I think UPI Lite will help achieving this. Because It does not require to communicate with payers bank account to send money. It will take some time though because currently the limit is only 2000 rs
I think it happens. I saw a video about it on UA-cam. Search "UPI for foreign travelers in India"
Very informative and thoroughly discussed points of UPI.
BWM is killing it with every video they are pushing
Great insights. 😸
India's case is not really a tech superiority, but a great use of Authority and Regulatory Boards.
It provides that security and transparency coz our banking ecosystem is built that way.
What a discussion, so good to hear.
Used my time wisely through this video ❤.
Glad you enjoyed it adiytuber 🙂 -Caleb
@@backstagewithmillionairesI agree with the foreigner here. India is getting overconfident and over optimistic way too early. There is lot more to do.
Informative video thanks
UPI is not yet available in Nepal. It will probably be similar to other countries. Recently, NPCI and NCHL signed an MOU for cross-border payment.
The initial deal that was signed between NPCI and a Nepali private company seems dead to me. Instead, the deal signed with NCHL, which is equivalent to NPCI, will go ahead. NCHL has a UPI-like service called ConnectIPS. It is not as user-friendly as UPI, but it is improving day by day.
😡😡😡😡 WHAT IS DOING YOUR GOVERNMENT
Nepal already have real time payment with QR code - Fonepay and of course ConnectIPS! What UPI will solve for us Nepalese? Nothing.. Indian travelling Nepal can use it not us Nepalese.
As a Nepali, biggest payment problem is international payment not domestic.
@@obito4203 I guess as per NCHL and NPCI MOU it will allow cross boarder payment between Nepal and India.
It's much better these days with Dollar Prepaid card.
Glad you pointed this out because he was dodging that question.
@@obito4203 True. I use fonepay everyday and I don't understand what is so "revolutionary" about UPI. Its a good technology but TBH, its not an original idea or it does it do something really different from other companies.
With new services like subscription and EMI payments via UPI, I don't see any roadblock in scaling this. Also when they say UPI architecture, I don't think they mean that servers in India OR RBI's existing infra needs to handle all of it. It is about protocols and standardisation of checks and balances that will allow people to transfer money that conveniently - that's powerful!
Such Informative video without sensationalism. Appreciate it.
Upi should tie with popular and trusted outside banks so that foreigners can make UPI transactions
UPI main motive was financial inclusion and real time payment was a secondary feature but later as time progressed it became the main feature from public point of view but from govt motive was financial inclusion..
So as for global impact , lesser developed countries will adopt UPI for financial inclusion motive and developed countries in Europe will mostly adopt UPI for real time payment and may charge commission fee there where financial inclusion is achieved at reasonable rate
Awesome analysis!
Good discussion. Obviously not the last word on the topic.
For Caleb's mentioned issues, I believe the CBDC is one solution for his problem. The CBDC will have to be made backward compatible with UPI QR codes, though. Wallets where you can load some money in are also another solution.
So, we're looking at kiosks in airports taking in foreign currency and transferring INR equivalents, if CBDC into the CBDC app, if wallets from Paytm, PhonePe, Airtel or Jio, into their wallets.
I really want BWM to do a comparison with Brazil's Pix as well. Apparently it is a very good tech stack and has the potential to compete with UPI.
Well great to see OPTIMISTIC vs REALISTIC approach debate, both are important like Ying and Yang.
accessibility to upi for foreign tourist using their home bank accounts is now available i think u guys are unaware about it during the speech in US congress PMOI mentioned about it
This is awesome! I need to figure out how to set this up for myself. -Caleb
@@backstagewithmillionaireshave you tried Wise. It's almost free and only takes a few minutes to transfer up to $500,000 to any Indian bank a/c from any bank account outside India. There are a couple of other ones but this is what I use.
That was very insightful bros 💯Cheers👍
Yes you are somewhat correct.
What I see is that GoI should share this platform with these countries who do not have the platform from Government end. And by this asking these govt to promote these platforms their countries.
One option should be there is UPI global in which you can pay anyone in the world who are using the UPI platform.
There should also be display of real time conversion of the currency.
And you can link any bank account of those countries whose government is using UPI platform.
I think next govt will be Sri Lankan government who will completely integrate this platform in its country
30:42 Bharat Book ---- JIO Book is first step in this regard............. like the comment if you agree
jio phone and lava phone
U both were too good to explore all imp points 🙏🏼🙏🏼🙏🏼
Other countries like Canada has this for a while. But a commendable job by India in making it widely accepted in a population with high economic parity
The point about foreign tourists not being able to use services in India due to not being able to set up their UPI is well taken. But i think the solution to that is also available already. The wallet system set up earlier by Paytm etc can be used by the UPI system, i feel, for use by those who don't have Indian Bank accounts etc. Don't know the tech challenges, of course, but seems like wallets could be incorporated into UPI
Wallets is one solution. The newly launched CBDC is another. CBDC has to be made backward compatible and usable on current UPI QR codes. After all, it is the equivalent of putting cash into someone else's account.
UPI is available for tourists as well now. They can set it up at airports. You can Google or utube it.
Not sure how many airports have it for now.
Its a very good discussion and analysis. why is UPI not available for NRI or foreigner who doesn't have India mobile number or Indian account. I can go to forex agent and convert foreign currency to indian currency. But using the digital app why cant I do the same which is to link my foreign account, make payment and convert to local currency. I would hope this is more technological challenge to talk to international banks in real time, rather than any bureaucratic challenge. May be HDFC or Axis bank or CRED some one is listening and already working in this space , I hope for this to happen in the next few years
Great discussion, we should not get struck with our current success. Wings should not get clipped with bureaucrats redtape.
Simply brilliant
I totally agree when pankaj said 'upi payment in happening in remoted villages of India'....I have been to my home state Bihar and I was in small village near muzzaffarpur called Narhan which have population not more than even 800...every shops of this village has qr code of upi payment even vegetable seller in mandi or roadside...each and every shop accept upi....I don't have to go with cash anywhere...I have my phone and I am good to go for shopping...
Caleb your stories are incredible
Thank you 🙏🥲 -Caleb
@@backstagewithmillionaireswhy "🥲"? Another thing, I want to hear ur story since childhood, ambition, ur life story and goals, i wanted that video
What needs to be done is make UPI available to NRI first who have account in India but linked to international number.
GoI supposedly allowed it about 6 months ago, but no apps support it. I had a very difficult time in my India visit as most shops dont accept international credit card including most gas stations and i couldnt use UPI.
You did make a long explainer but there was nothing that I didn't already knew.
SWIFT may have been the default, but it is terribly opaque, takes time - and in certain choices, commission is levied at both ends. Also, it catered even to small accounts. I myself know small businesses run by PIOs in Australia who regularly remit small amounts monthly to India, 2 to 5 % is not a small amount for these customers.
Even before IMPS, India (via RBI) HAD centralized clearing among ALL member banks and this facilitated B2C in an offline, "batch mode" fashion. For this RBI had already resolved the interbank coding scheme (prior to core banking even) and released the expected file formats to companies. Application programmers provided interfaces to RBI's formats and my employer, for instance, used it to pay salaries to employees, payment to suppliers and fixed deposit interests and dividends.
While visa/master take 2% to 5% from merchant for facilitating the service. UPI sends everything to merchant. Govt introduced RuPay to stop visa/master taking money out. Visa/Master take merchant money even in US. Even US and other countries should create similar govt transaction platform to get rid of these merchant cuts. It is just not worth the price.
I can to know that in US, they even keep their public fund for the functioning of government in private banks. US banking has been entirely consumed by private entities. I don't think they'll let that control go
I love the back and forth. Certainly, its time to be more aggressive in promoting UPI in other countries.
Hey, Sivam can you explain the whole venmo thing of USA. I have heard of this from my brother who is in usa and it quite easy to transcation.
Good one, the Canadian however must be used to a few banks and telecoms monopolizing the market and charging super high charges back home. 😀 This UPI is a different model where the Government provides the infra and the private citizen pays back by using the infra.
I can't wait to see India 🇮🇳 as a first cashless country ❤
Imagine if we don't need Data or Net to operate or transact money in UPI.
It will be the another revolution
Excellent video. We must take the suggestions given to make UPI widely available globally to citizens of all countries. This will enable us to compete globally and not be held hostage by foreign companies or governments.
Great work guys
Very informative and objective video from both India and the global perspective.
BwM debates are absolutely fantastic hoping to see many many more!!
Super informative videos.. awesome 👍.. thank u
UPI 🧡🤍💚
Jai Hind.. Jai Bharat 🇮🇳🇮🇳
Vande-Mataram 🇮🇳🇮🇳
Loved the entire talk
Recently my uncle came from Singapore to visit and we had much trouble pulling cash from an atm since we had no other way of transferring money as even neft didn't work... If only UPI would work with an overseas bank...😢
Swift works India-SG transfers
If i am not wrong i have seen in airport a counter when foreigners coming to india exchange money they have an option to get cash or get a temporary upi id from where they can use the cash, hope this answers the future prediction question the guys where talking about
really my every second spent on this video was worth it.
India has started services for international travelers at airports and banks to setup UPI account and app and also transfer money to that account.
Loved ur case study of upi
It's a really good interview i think india should be the next digital infrastructure and payment method for the whole world. I really like the one idea foreigner who can easily pay UPI global. I would like to see that happen in coming years
These Debates are really insightful 🎉🎉
Jandhan accounts and introduction UPI made all the difference.
Good coverage, solid points from both sides,
I'm currently in Nepal and I haven't seen any push whatsoever or even an advertisement or awareness campaign in regards to payment with UPI. On aper it might have happened but, on ground it's far from the truth!😢
Sorry to hear that Aditya, I hope it happens soon, UPI is awesome. -Caleb
Nepal is in Xinese orbit. Doubt if Bharat would extend UPI in Nepal
I have 1 question who owns the metadata created by UPI transaction.
Bank, merchant and customer will have a copy of transaction but who owns it? Can Government access it? This data alone is a gold mine and can give insight into customer spending habits across India.
Been following BwM since they had 12k subs. Love your vids and very knowledgeable.
But what about the costs involved in managing UPI ? As it is the govt. which is absorbing the running costs for now
Great discussion 👏
Useful information
Good and informative
I moved to US 10 years ago and we’ve been cashless from last 10 years, don’t have to carry any cash. And recently with Apple wallet, don’t even need wallet. Give me few reasons, Why would US adapt to UPI ?
The digital payment apps in US started providing tax forms for year end tax filing. Not sure if UPI payments will be doing tax reporting.
UPI payments are free for both the end consumers and the merchants, and it's way more convenient than any of the e-wallets out there after personally using apple pay, Samsung pay, Paypal and Venmo as it's a direct link to your Bank account as supposed to a wallet that you have to top up from time to time or get credits for... it's also really secure and conveniently easy to reverse charge even compared to a credit-card payment
@@kalpa_sama why do you think it’s more convenient to use UPI than Apple Pay? Apple wallet doesn’t have its own e-wallet or balance, it just stores your credit cards and gives a virtual number, I don’t have to move money to-and-fro from bank account to Apple Wallet. May be you are referring to Apple Cash. I have the Apple wallet on my watch, and I feel it as comfortable. May be I’m missing something about UPI being more comfortable to use.
I liked this discussion very much. Thanks for this fruitful information.❤
Would really appreciate it if you could link your sources
Thats a healthy discussion with good benifits.
Yes Indias digital payment is of smooth transaction between people around the world rather than US & chin untrustfull payment with data leakers.
The next thing. Its a trust u need - thats INDIA for you.
Wonderful.
Also UPI can't go global without the cooperation of the other country. That's why it's happening on a bilateral basis. And the ability for foreigners to use UPI in India already exists to people from these partner countries. It is in the pilot stages. It's not full fledged yet. It will be available across India soon. Right now it's only possible to do avail that from a few airports.
This was a good debate ! Appreciate the negative points surrounding UPI which i wasn't aware
such a well made and comprehensive video!
Guys you have done a great discussion 👍
Loved the vedio but please dont include Mr.Tata when mentioning arabpatis because i think they have done more for the country than the ministers did for us in some cases! Thankyou Anyway nice vedio keep it up
Foreign Nationals can now use UPI in India. They can get money loaded into Paytm or Phonepe wallets at the airport when they arrive. They can use this balance to pay for stuff by scanning the QR code. They don't need an Indian number or an Indian bank account.
Not working yet, I still can’t link my abroad number in UPI
He didn't mention about the nfc payments in Canada.. NFC payments are like tap to pay similar to upi scan and pay.. but we still use interac for sending money one to another.
Yeah, NFC is also available in India though, it's just not as widespread. It's more of a technology, rather than a business or infrastructure project, so that's why I didn't bring it up. Good point though! -Caleb
NFC isn't fintech. It's just a wireless communication tech. It's not that common in India because probably because UPI took the market before most phones in India supported both sending and receiving data from NFC. Most phones can send to NFC but can't support receiving, or that's what I've understood of it. My phone can read my brother's business card but it can use UPI
@@aleenaprasannan2146 nfc payment is so common in Canada
Thinking about future of payments., definitely UPI has very promising technology..
if some COVID19 virus again hits the world, you still able to pay other without shaking hands or putting a card near to pos machine.
Definitely world needs to upgrade to any technology that is as equal as UPI or UPI itself. India has a product in hand which is easy for Indian government to share the product with world.
Nice work.
Your loving from Rasia
great conversation
As a foreigner it’s hard to make payments using UPI without Indian number or bank accounts especially in the initial days.
UPI was not made for foreigners. It was made with the intention that every citizen should have access to quick and convenient online payments to facilitate their business. It was made for Indians.
Very well explained !
In Nepal, UPI is not still live. It's just in the development stage. Nobody is using UPI in Nepal yet.
Personal experience..I visited china in 2008. My sister lamented ,that India could never catch up with china on digital payments.and the convenience that. Offered.she was pleasantly surprised at the changes that followed . Now she complains about the infrastructure w.r.t china😂