Uzbekistan Considering UPI Electronic Payment System for Indian Tourists
Uzbekistan Explores Introduction of Indian Electronic Payment System for Tourists
The government of Uzbekistan is contemplating the implementation of the Unified Payments Interface (UPI) electronic payment system for Indian tourists visiting the country. This move, proposed by the National Payments Corporation of India (NPCI), aims to facilitate mobile payments for Indian travelers in Uzbekistan, as stated in a press release from the Ministry of Economy and Finance.
Key stakeholders from Uzbekistan, including the Central Bank, the National Agency for Project Management (NAPM), and the National Bank of Uzbekistan (NBU), engaged in discussions with Indian Finance and Corporate Affairs Minister Nirmala Sitharaman to explore the integration of UPI. The introduction of this system could streamline financial transactions for Indian tourists during their trips to Uzbekistan.
In addition to deliberations on UPI, the meeting between Uzbekistan’s President Shavkat Mirziyoyev and Indian officials encompassed a range of bilateral initiatives. These encompassed collaborative projects in the energy sector, petrochemicals, digitalization, healthcare, pharmaceuticals, and the development of transport corridors between the two nations.
At the Uzbekistan-India Business Forum, the countries formalized an intergovernmental agreement aimed at promoting and safeguarding investments. Furthermore, agreements were reached on granting phytosanitary permits for six additional types of agricultural products cultivated in Uzbekistan. Discussions also revolved around leveraging preferential loans from India’s Exim Bank to fund social projects within Uzbekistan.
Looking into the future, Uzbekistan and India are intending to sign a joint program delineating the implementation of forthcoming bilateral projects and initiatives. This concerted effort is poised to foster greater collaboration across diverse sectors, consolidating the strong ties between the two nations.
