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The use of India's digital payment system UPI in nations like Thailand and Singapore marks another important step forward for the country.
Singer Mika Singh tweeted on Wednesday that he used Indian cash at a boutique at Doha Airport in Qatar. He praised Indian Prime Minister Narendra Modi for making the Rupee usable internationally. There have been nearly 10,000 likes and approximately 184.6 thousand views on the tweet since it was posted in the morning. Twitter users were mostly positive about the new development, with many thanking Mika Singh for posting about it.
"Good morning. I felt so proud to be able to use Indian rupees whilst shopping at #Dohaairport in the @LouisVuitton store. You can even use rupees in any restaurant.. Isn't that wonderful? A massive salute to @narendramodi saab for enabling us to use our money like dollars," Mika Singh said in his tweet. Numerous people responded to the singer's post with emoticons of joy and approval.
Dubai Duty Free not only takes the Qatari riyal but also the Indian rupee. According to The National, the new regulation went into effect on July 1, 2019, and the currency is now accepted at all retail locations at Terminals 1, 2, and 3 of Dubai International, as well as at Al Maktoum International. Customers, however, will get UAE dirhams as change, not Indian rupees.
An article detailing the nations that accept Indian rupees appeared on Business Insider in 2022. Bhutan, Nepal, Bangladesh, the Maldives, and Zimbabwe are all on this list. However, the maximum allowable denomination of Indian money varies per country.
Another important development is the acceptance of India's digital payment system UPI in other countries, such as Thailand and Singapore. In the month of February, an agreement was struck between the two nations.
It was the first such connection between two Indian financial systems and the second such connection between two financial systems in Singapore. About 6% of the money sent from Singapore to India is invested in the stock market.
In January, UPI transactions reached an all-time high of over 8 billion, totaling about 13 lakh crore. In India, it is by far the most popular method of payment.
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Good morning.
— King Mika Singh (@MikaSingh) April 12, 2023
I felt so proud to be able to use Indian rupees whilst shopping at #Dohaairport in the @LouisVuitton store. You can even use rupees in any restaurant.. Isn’t that wonderful? A massive salute to @narendramodi saab for enabling us to use our money like dollars. pic.twitter.com/huhKR2TjU6
The government has made a number of further measures towards internationalising UPI. The Reserve Bank of India also made the announcement that UPI payments will be made available to tourists from the Group of Twenty nations in the same month. It was revealed last month that beginning on April 30th, Indians living in ten other countries will get access to UPI.