Top 10 Countries Embracing UPI-like Payment Systems
Unified Payments Interface (UPI) has revolutionized digital transactions in India, providing a seamless and secure platform for instant money transfers. Its success has inspired many countries to adopt similar payment systems to enhance their own digital payment landscapes. Let’s explore the top 10 countries that have embraced UPI-like payment systems to cater to the evolving needs of their citizens & businesses.
- India:
India leads the pack as the pioneer & birthplace of UPI. launched in 2016, UPI quickly gained popularity, & today it stands as one of the most widely used digital payment methods in India country. With the support of the National Payments Corporation of India (NPCI), UPI continues to facilitate millions of transactions daily, empowering people to make cashless payments effortlessly.
- Singapore
Singapore is among the early adopters of UPI-inspired payment systems. the country launched its own version called PayNow in 2017. PayNow is the best digital payment in Singapore and allows users to transfer funds instantly using mobile phone numbers or identification numbers, reducing the reliance on traditional bank account numbers.
- Australia
Australia In 2018, introduced the New Payments Platform (NPP), a real-time payment system that shares similarities with UPI. NPP enables individuals & businesses to transfer money between accounts at different financial institutions instantly, 24/7. New Payments Platform (NPP)
- Malaysia
Malaysia In 2018, launched DuitNow, a real-time payment platform that facilitates instant fund transfers using mobile numbers or National Registration Identity Card (NRIC) numbers. DuitNow enables users to make payments & receive funds swiftly across various banks in the country.
- Thailand
Thailand adopted its version of UPI called PromptPay in 2017. PromptPay is the real-time interbank payment system in Thailand, which allows banked consumers to transfer money to merchants & others using a telephone number, QR code, Citizen ID, tax ID, or a specific bank account. PromptPay allows users to transfer money in real-time using their mobile phone numbers or Citizen Identification Numbers (CIN). the system is widely used for P2P transfers & merchant payments.
- Nigeria
Nigeria introduced the Nigeria Instant Payment (NIP) system, inspired by UPI, to enhance digital payments within the country. NIP enables swift inter-bank transfers, ensuring that funds are available in the recipient’s account almost immediately.
- South Korea
South Korea’s KakaoPay, was launched in 2014, It allows over-counter payments, peer-to-peer transactions, bill payment, web banking & more, it will move to offer financial services such as loans and financing. there were approximately 39.4 million users of the South Korean mobile payment service Kakao Pay. an example of a successful UPI-like payment system. KakaoPay allows users to transfer money using their mobile phone numbers or KakaoTalk IDs, making it popular for both P2P & merchant payments.
- United Kingdom
United Kingdom launched the Paym service in 2014, offering a similar experience to UPI. Paym allows users to send and receive money using their mobile phone numbers, making payments a breeze for UK residents.
- Brazil
In 2018, Brazil introduced PIX, a revolutionary instant payment system. In Brazil, the central bank has focused on designing Pix as an efficient and secure platform and making it easily available as an alternative to traditional payment platforms. Neither the government nor the central bank has used much coercion to promote Pix in particular or digital payments in general. Similar to UPI, PIX enables individuals and businesses to transfer money in real time, simplifying payments and reducing the reliance on cash transactions.
- United Arab Emirates:
United Arab Emirates (UAE) is also exploring the development of its own UPI-like system. With the growing adoption of digital payments in the region, the UAE aims to enhance its payment infrastructure to cater to the needs of its tech-savvy population.
Unified Payments Interface (UPI) has undoubtedly left a significant impact on the global payments landscape, inspiring many countries to develop their own UPI-like payment systems. these systems have revolutionized digital payments, providing people with a fast, convenient, & secure way to transfer funds instantly. As technology continues to evolve, it is likely that more countries will adopt similar payment platforms to boost their economies and embrace the benefits of a cashless society.
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