Auckland: As the Unified Payments Interface (UPI) expands its global footprint, New Zealand is ready to experience the digital payment freedom that comes with India’s unique and indigenously developed QR-based system, its Trade and Investment Minister, Todd McClay, said Friday.
The minister stressed that New Zealand is a very open economy and one needs to fit with the rules the country has in place, and “I don’t think that will be such a challenge”.
“UPI can very much come to New Zealand. Ultimately, digital infrastructure is important. We’re modernising our economy. We’re very open to the world, and the Free Trade Agreement (FTA) with India makes it easier and creates greater certainty,” McClay said.
He added that these are “many of the conversations you’ll start seeing business to business as New Zealand looks to invest in India. And of course, India will be wanting to invest in New Zealand”.
Prime Minister Narendra Modi arrived in Auckland for a two-day visit to New Zealand for the final leg of his three-nation visit, with his counterpart, Christopher Luxon, in a special gesture, receiving him at the airport.
Earlier this week, PM Modi announced that India’s UPI will be integrated with Indonesia’s payment system, which will enable tourists and businesses to make cross-border retail payments more easily by using their domestic payment apps.
Addressing a joint press conference with Indonesian President Prabowo Subianto in Jakarta, PM Modi said: “We are delighted that India’s UPI is set to be integrated with Indonesia’s payment system. This will boost both the ease of doing business and the ease of travel.”
UPI also went live in Greece late last month, and eligible customers can transfer money instantly, securely, and seamlessly, with transaction costs reduced drastically to a fraction of conventional transfer costs.
UPI now accounts for nearly 49 per cent of the world’s real-time payment transaction volume, making it the largest real-time payment system globally. It is now officially live and accepted in nearly nine countries for merchant payments and cross-border remittances.
