Govt seeks easier FATF rules for UPI's global use

India is asking the Financial Action Task Force (FATF), a global money-laundering watchdog, to reduce compliance requirements for cross-border payments made through its homegrown system, several people familiar with the discussions said.

- Reuters

MUMBAI/NEW DELHI:

Launched in 2016, the Unified Payment Interface (UPI) accounted for 83% of India's digital payments volume in 2024, up from 34% in 2019, and dominates the domestic retail payments sector. The government now wants to increase the use of its own payments network by Indians travelling abroad, which could potentially tap into a growing market, and make the global cross-border payments market more competitive.