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India and ASEAN Countries to Create a Platform to Facilitate Instantaneous Cross-Border Retail Payments
Reserve Bank of India (RBI) and ASEAN Countries are set to create a platform to facilitate instantaneous cross-border retail payments. Reserve Bank of India has been collaborating bilaterally with various countries to link India's Fast Payments System (FPS) - the Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments. While India and its partner countries can continue to benefit through such bilateral connectivity of Fast Payment Systems, a multilateral approach will provide further impetus to our efforts in expanding the international reach of Indian payment systems.