India and New Zealand are in discussion to implement the Unified Payments Interface (UPI) to promote ease of doing business between the countries.
All the issues related to the import were discussed during a bilateral meeting between the dignitaries of both countries. The ministers from both sides appreciated the talk between the National Payments Corporation of India (NPCI) and Payments NZ concerning the UPI system and agreed that implementation of UPI in the island country New Zealand would promote ease of doing business and trade.
In the year 2022, the NPCI signed a MoU with France for a fast, secure and accurate online payment system called Lyra. In 2023, Singapore’s Pay Now signed an agreement for its users to make online payments for cross-border transactions.
Apart from the above-mentioned companies, UAE, Bhutan and Nepal have already embraced the UPI payment system. Now there are talks with the US, West Asia and European Countries for the service expansion of UPI.
India’s exports to the island country rose to USD 548 million in 2022-23 from USD 487.6 million in 2021-22. Imports too have upsurged to USD 478 million in 2022-23 from USD 375 million in 2021-22.