3 days ago
India’s UPI Set for Uzbekistan Rollout, Deepening Bilateral Ties
India and Uzbekistan are planning to connect their digital payment systems.
This would let Indian visitors use familiar UPI apps to pay in Uzbekistan.
In one account, Indian apps would scan Uzbekistan’s UZQR merchant codes.
Another account identifies Uzbekistan’s HUMO interbank system as the partner.
The payment arrangement is described as being expected within about a year, although the rollout is also described as coming soon.
The countries also agreed to work more closely on trade, security, mining, technology and other areas.
They want yearly trade between them to reach $5 billion by 2030.
India also offered scholarships for Uzbek students to study Hindi.
A Sanskrit academic chair will also be created at a university in Tashkent.
Uzbekistan is set to adopt India’s Unified Payments Interface, allowing Indian travellers to use UPI-enabled apps there.
Agreements involving NPCI International Payments Limited and Uzbekistan’s HUMO or National Interbank Processing Centre aim to connect the countries’ payment systems and support UZQR merchant payments.
India and Uzbekistan signed a comprehensive strategic partnership and set a $5 billion annual trade target for 2030, up from about $1 billion.
Eleven agreements cover trade, investment, infrastructure, mining, critical minerals, defence, agriculture, pharmaceuticals, health, technology, culture, tourism and education.
India announced 100 Hindi-language scholarships for Uzbek students and an ICCR Sanskrit Chair at Tashkent State University of Oriental Studies.
- Who
- India and Uzbekistan, including Prime Minister Narendra Modi, Uzbek President Shavkat Mirziyoyev, Sibi George, NPCI International Payments Limited and Uzbekistan’s payment-system institutions.
- What
- The countries announced an upcoming UPI rollout, signed a comprehensive strategic partnership and concluded 11 related agreements.
- Where
- The payment service will operate in Uzbekistan, while the bilateral talks and scholarship-related academic initiative involve Tashkent.
- When
- The announcement was made on Sunday after Narendra Modi’s two-day visit to Tashkent; the payment arrangement is expected in about a year according to one report.
- Why
- The initiative is intended to improve digital transactions, expand India’s digital-payment infrastructure and strengthen economic, strategic, educational and cultural ties.
Key facts
- Payment system
- India’s Unified Payments Interface (UPI)
- Uzbek payment code
- UZQR, the national QR system used for merchant payments
- Payment partners
- One report names Uzbekistan’s HUMO; another names the National Interbank Processing Centre JSC
- Expected timing
- The arrangement is expected in about a year, while the rollout is also described as coming soon
- Trade target
- $5 billion in annual India-Uzbekistan trade by 2030, compared with about $1 billion currently
- Strategic agreement
- India and Uzbekistan signed a comprehensive strategic partnership
- Additional initiatives
- 100 Lal Bahadur Shastri Hindi scholarships and an ICCR Sanskrit Chair at Tashkent State University of Oriental Studies
Quotes
Narendra Modi
Prime Minister of India
“A network agreement was signed recently between NPCI and Uzbekistan's interbank payment system HUMO. This represents an important first step towards establishing greater interoperability between the digital payment ecosystems of our two countries. The arrangement is expected in a year's time. Indian travellers visiting Uzbekistan will be able to use their UPI-enabled applications here.”
republicworld.com
“Uzbekistan is at the heart of Central Asia and is at the heart of India's engagement in the region. A stronger India-Uzbekistan partnership will be a powerful force for peace, progress and prosperity in Central Asia”
livemint.com
Sources
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