India-Uzbekistan move towards UPI interoperability; rollout expected within a year: MEA

Tashkent [Uzbekistan], August 31 (ANI): India's Unified Payments Interface (UPI) is set to be rolled out in Uzbekistan, marking a significant step in expanding India's digital payment infrastructure overseas and strengthening economic ties between the two countries, Ministry of External Affairs Secretary (West) Sibi George said on Sunday.
He made the remarks in a special briefing on Prime Minister Narendra Modi's visit to Uzbekistan.
George said the UPI rollout would facilitate digital transactions between India and Uzbekistan and enable Indian travellers to use UPI-enabled applications in the Central Asian nation.
"Another important development is the UPI rollout for Uzbekistan. It adds to the global expansion of Indian digital infrastructure, which helps further digital transactions between our two countries," he told the media.
Secretary (West) also highlighted how a network agreement signed between NPCI International Payments Limited (NIPL) and Uzbekistan's HUMO represents an important first step towards interoperability between the digital payment ecosystems of the two countries.
"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," he said.
The development comes as India and Uzbekistan seek to significantly expand bilateral economic engagement, with the two sides setting an ambitious target of increasing bilateral trade from the current level of around USD 1 billion to USD 5 billion by 2030.
"Both sides have also set a target of bilateral trade of USD 5 billion by 2030. Another important development is the UPI rollout for Uzbekistan. It adds to the global expansion of Indian digital infrastructure, which helps further digital transactions between our two countries," George said.
On the education and cultural front, Prime Minister Modi announced 100 Lal Bahadur Shastri Scholarships for meritorious Uzbek students to study Hindi.
The announcement assumes particular significance as it commemorates former Prime Minister Lal Bahadur Shastri, who passed away in Tashkent 60 years ago.
"The Prime Minister also announced 100 Lal Bahadur Shastri Scholarships for Hindi Language for Meritorious Uzbek Students, honouring the memory of former Prime Minister Lal Bahadur Shastri at the 60th anniversary of his passing in Tashkent. He also announced the establishment of an ICCR Sanskrit Chair at the Tashkent State University of Oriental Studies, further strengthening the long-standing academic and civilizational links between our two countries," he informed.
The initiatives were announced during PM Modi's visit to Uzbekistan, underscoring the focus on deepening India-Uzbekistan ties across digital payments, trade, infrastructure, education and cultural cooperation. (ANI)