RBI joins Project Nexus to connect India's UPI with ASEAN countries' payment systems.

The Reserve Bank of India (RBI) has joined Project Nexus, a multilateral international initiative to enable instant cross-border retail payments. This initiative aims to connect India's Unified Payments Interface (UPI) with the fast payment systems of the ASEAN countries: Malaysia, the Philippines, Singapore, and Thailand. Nexus, conceptualized by the Innovation Hub of the Bank for International Settlements (BIS), aims for these four countries and India to be the founding members and first-mover nations of this platform.

July 01, 2024
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