Uzbekistan may launch UPI electronic payment system for Indian tourists

Uzbekistan is considering the introduction of the Unified Payments Interface (UPI) electronic payment system for Indian tourists. This system, developed by the National Payments Corporation of India (NPCI), would allow Indian visitors to make mobile payments while traveling in Uzbekistan, according to a press release from the Ministry of Economy and Finance.

Representatives from the Central Bank of Uzbekistan, the National Agency for Project Management (NAPM), and the National Bank of Uzbekistan (NBU) held discussions with Indian Finance and Corporate Affairs Minister Nirmala Sitharaman regarding the potential integration of UPI. The system could significantly ease financial transactions for Indian tourists during their stay in Uzbekistan.

In addition to discussions on UPI, the meeting with President Shavkat Mirziyoyev covered various bilateral projects, including those in the energy sector, petrochemicals, digitalization, healthcare, and pharmaceuticals. The development of transport corridors between the two nations was also a key topic.

During the Uzbekistan-India Business Forum, the two countries signed an intergovernmental agreement on the promotion and mutual protection of investments. The forum also yielded agreements on granting phytosanitary permits for six additional types of agricultural products grown in Uzbekistan. Furthermore, the countries discussed utilizing preferential loans from India's Exim Bank to finance social projects in Uzbekistan.

Looking ahead, Uzbekistan and India plan to sign a joint program that will outline the implementation of future bilateral projects and initiatives, enhancing cooperation across various sectors.

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