India joins cross-border retail payment platform, Project Nexus with 4 ASEAN countries

NEW DELHI: India has recently joined Project Nexus, an exciting global initiative focused on making it easier to send money across borders for everyday purchases. This project, led by the Bank for International Settlements (BIS) Innovation Hub, initially involves countries like Malaysia, Philippines, Singapore, Thailand, and now India.

The Reserve Bank of India (RBI) signed an agreement with BIS and these countries’ central banks in Basel, Switzerland. Indonesia has been closely involved from the beginning as a special observer.

By 2026, Project Nexus plans to launch a platform that will speed up and lower the cost of cross-border payments for things like online shopping and international transactions. This platform is set to revolutionize how people and businesses in different countries can easily exchange money.

India’s contribution includes integrating its advanced Unified Payments Interface (UPI) system into this global network. UPI allows people in India to make instant payments using their smartphones, and now it will connect seamlessly with other countries’ payment systems.

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India is also keen on sharing the success of UPI with other nations. It has been collaborating with countries like Sri Lanka, Mauritius, France, UAE, and Singapore to introduce them to innovative fintech and payment solutions.

UPI has become hugely popular in India, handling nearly 80% of the country’s digital payments in 2023. India’s influence in global digital transactions has also been significant, accounting for about 46% of the world’s digital transactions in recent years.

Through Project Nexus, India aims to simplify international payments, bringing benefits to consumers and businesses alike across borders. It’s an exciting step towards making global financial transactions faster, cheaper, and more accessible for everyone involved.