Soon, you may be able to make UPI payments in dollars

The Unified Payments Interface (UPI) system is poised for a significant update, allowing transactions to be conducted in dollars. This will open doors for seamless transactions across global borders in respective currencies, according to CNBC Awaaz report.

The National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) are actively engaged in discussions with SWIFT to materialise this shift. The integration aims to position UPI as the most convenient and secure avenue for cross-border digital transactions, the report said.

SWIFT, also known as Society for Worldwide Interbank Financial Telecommunication, is a globally recognised system which serves as the conduit for inter-country bank transactions. With this integration, conducting international business through UPI will become streamlined and hassle-free.

Adding to this transformation, RBI Governor Shaktikanta Das, during the Monetary Policy Committee (MPC) meeting on December 8, announced pivotal decisions regarding the UPI. Notably, the UPI payment limit for hospitals and educational institutions has been elevated from ₹1 lakh to ₹5 lakh, effective immediately.

Additionally, the central bank increased the limit for e-mandate, popularly known as auto-debit, to ₹1 lakh per transaction. This can be used for buying mutual funds via systematic investment plans (SIP) as well as to pay insurance premiums regularly. It can be used for credit card payments too.

Before this, one-time password (OTP)-based authentication was required for UPI auto payments exceeding ₹15,000. With the development, the additional factor of authentication (AFA) is no more mandatory for transactions up to ₹1 lakh now.

UPI, India's pioneering mobile-based payment system, empowers users to execute instantaneous, round-the-clock payments via a Virtual Payment Address (VPA).

It recorded 11.24 billion transactions in November 2023, reaching a transaction value of ₹17.40 trillion, according to data issued by the NPCI.

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