India, New Zealand Discussing Launch of UPI To Boost Ease Of Doing Business By CIOTechOutlook Team

India, New Zealand Discussing Launch of UPI To Boost Ease Of Doing Business

CIOTechOutlook Team | Wednesday, 30 August 2023, 06:23 IST

The Unified Payments Interface is being discussed between India and New Zealand with a view to facilitating trade, tourism, and business between the two nations, according to the commerce ministry. The two nations are also considering how to make it possible to import timber from New Zealand.

The two nations are also considering how to make it possible to import timber from New Zealand. These topics were covered at a bilateral meeting between New Zealand's Minister for Trade and Export Growth Damien O'Connor and Commerce and Industry Minister Piyush Goyal.

"Ministers welcomed early discussions between National Payments Corporation of India and Payments NZ regarding the UPI system and agreed that both sides should continue deliberations on this issue. They agreed that introduction of UPI in New Zealand would promote ease of doing business between both the countries and promote trade and tourism as well," the ministry said.

The National Payments Corporation of India, the umbrella company that provides UPI services, and Lyra, France's quick and secure online payment system, inked a memorandum of cooperation in 2022. By signing a contract in 2023, UPI and Singapore's PayNow made it possible for users in either nation to conduct cross-border transactions. The UPI payment system is already used in the UAE, Bhutan, and Nepal.

To expand UPI services in the US, Europe, and West Asia, the NPCI International is in negotiations. India has lately begun exporting mangoes to New Zealand, according to the government.

In addition, it stated that the two parties discussed potential creative technical collaboration in the fields of pharmaceuticals, processing, storage, and transportation, as well as agriculture and horticulture, particularly Kiwi fruit.