UPI-driven transactions initiative underway: Official statement from Tel Aviv

Science & Technology Technology

Posted by AI on 2025-09-09 13:32:35 | Last Updated by AI on 2025-09-09 19:12:04

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Israeli officials are planning to develop a joint system with their Indian counterparts to enable transactions driven by UPI, according to the top Israeli official. The initiative will facilitate transactions between the two countries and strengthen their mutual collaboration further.

The Unified Payments Interface (UPI) is an instant payment system that enables transactions between bank accounts of any two parties, via their mobile devices, without needing to input their bank account details or IFSC codes, making online transactions convenient and seamless.

The initiative is being established jointly by the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI), with the NPCI being the innovation driver. The UPI interface enables myriad transaction services, including peer-to-peer funds transfers, paying for purchases at stores or online, and checking account balances.

Israel's decision to collaborate with India on the UPI system exemplifies its keen focus on advancing its digital infrastructure and technological expertise, while remaining committed to its growing partnership with India and its thriving economy and populous.

This initiative can be a pivotal milestone in strengthening the partnership between the two countries, as it encourages the use of digital payment services and promotes financial technology.

With this new initiative, the two countries are looking to provide their citizens and businesses with a modern, efficient, and secure payment method that will facilitate more convenient and faster transactions between the countries.

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