MUMBAI: RBI has joined Project Nexus, an initiative to enable instant cross-border retail payments by linking domestic Fast Payment Systems.
Nexus will initially interlink India’s UPI to the FPS of Malaysia, the Philippines, Singapore, and Thailand by next year. Indonesia is set to join the platform in the future.
“In my view, the greatest advantage of Project Nexus will be to make cross-border payments much faster and less costly.This is a precursor to greater international cooperation among countries to enable faster cross-border remittances at a lower cost,” said RBI governor Shaktikanta Das at the signing of the agreement on Sunday.