Unified Payments Interface (UPI) is expected to become operational in Seychelles by the end of 2026

Unified Payments Interface (UPI) is expected to become operational in Seychelles by the end of 2026

¨     Unified Payments Interface (UPI) is expected to become operational in Seychelles by the end of 2026.

¨     India and Seychelles signed a Memorandum of Understanding (MoU) for the implementation of UPI during Prime Minister Narendra Modi’s state visit, which concluded on 29 June 2026.

¨     UPI (Unified Payments Interface) is an instant real-time digital payment system that enables bank-to-bank fund transfers through mobile applications.

¨     It was developed by the National Payments Corporation of India (NPCI).

¨     UPI operates under the regulatory framework of the Reserve Bank of India (RBI).

¨     The MoU for UPI implementation was signed between NPCI and the Central Bank of Seychelles.

¨     The agreement covers the technical and institutional framework required for the acceptance and rollout of UPI in Seychelles.

¨     The initiative aims to promote cashless digital transactions, especially for Indian tourists visiting Seychelles.

¨     The UPI agreement was part of a broader India–Seychelles bilateral cooperation package.

¨  The cooperation package also included health, education, capacity building, digital transformation, sustainable development, and maritime security.