Can thirty five million overseas Indians make UPI a global payments network

NPCI wants UPI to travel with Indians abroad. The plan targets India’s 35 million strong diaspora, which sent home over $155 billion last financial year, the largest such inflow in the world. Chief executive Dilip Asbe believes 15 to 20 markets are possible in the next decade.

Progress is real but early. UPI is live in nine countries including Singapore, France and the UAE, with person to person remittances working for Singapore and Nepal, and inward remittances from Greece. Each corridor needs a separate tie up with a local bank or network, so building takes years, not months.

Why should you care. Cheaper and faster remittances mean more money reaching families here and steadier foreign exchange for the country. Parliament has also cleared a bill allowing charges on UPI payments, so watch how pricing evolves. Free forever was never a sustainable business model.