Back

India’s UPI to Be Linked With Vietnam’s Fast Payment System

Prime Minister Narendra Modi said India’s UPI (Unified Payments Interface, instant payment network) will connect with Vietnam’s fast payment system, expanding cross-border digital payments between the two countries.

Summary

Prime Minister Narendra Modi said India’s UPI (Unified Payments Interface, instant payment network) will be linked to Vietnam’s fast payment system. The announcement points to deeper payment connectivity between India and Vietnam and could help enable faster cross-border retail transactions by connecting domestic real-time payment rails.

Terms & Concepts
  • UPI: Unified Payments Interface, India’s instant payment network that allows real-time bank-to-bank transfers.
  • Fast payment system: A payment infrastructure that processes transfers quickly, often in real time, for retail and consumer transactions.
  • Cross-border payments: Transfers of money between users or institutions in different countries, often improved by linking national payment networks.