Ease of doing biz: India-New Zealand explore UPI implementation to boost trade & tourism between two countries
India and New Zealand have been exploring the possibility of introducing the Unified Payments Interface (UPI) in the island country with a view to promoting ease of doing business, trade, and tourism between the countries, the commerce ministry said on Tuesday.
The two countries are also looking at ways to allow the import of wooden logs from New Zealand, PTI reported.
These issues were discussed during a bilateral meeting between Commerce and Industry Minister Piyush Goyal and New Zealand's Minister for Trade and Export Growth, Damien OConnor, on Monday.
«Ministers welcomed early discussions between the National Payments Corporation of India (NPCI) and Payments NZ regarding the UPI system and agreed that both sides should continue deliberations on this issue. They agreed that the introduction of UPI in New Zealand would promote ease of doing business between both countries and promote trade and tourism as well,» the ministry said.
In 2022, the National Payments Corporation Of India (NPCI), the umbrella organisation offering UPI services, signed a memorandum of understanding (MoU) with France's fast and secure online payment system, called Lyra.
