Japan Contemplates Joining Indian UPI

Published 6 months ago

Japan is considering the adoption of the Indian Unified Payments Interface (UPI), with the potential for mutual recognition of e-IDs, in a bid to enhance interoperability. This information was revealed by Japan’s digital minister, Kono Taro, during a recent interview with the media.

The Indian government expressed its gratitude for Japan’s interest in UPI and confirmed that it is working towards recognising a common e-ID to improve interoperability. Union IT Minister Ashwini Vaishnaw stated that the Digital India initiatives have received considerable attention from several multi-country associations, including the G20, SCO, and G7.

Interest in UPI From Other Countries

The interest from Japan comes just a few months after Singapore activated connections between its own digital payments interface, Paynow, and UPI. According to Reserve Bank of India Governor Shaktikanta Das, several other countries have also shown interest in joining the initiative.

Taro had previously stated that Japan would send a team to study the UPI system in depth, looking for ways it could be implemented in Japan.

G7 on Digital Identity and Credentials

Earlier this year, following their meeting in April, the G7 countries issued a declaration. All member nations agreed to “share and accelerate best practices on digital identity and credentials”. This was in support of discussions on the ongoing development of the OECD draft recommendation on the governance of digital identity.

The G7 digital minister reiterated their long-term commitment to better harness digital technologies to achieve a sustainable society in a joint statement after their meeting. They emphasized the importance of continuing work on the green transition, energy and resource efficiency, circular economy, and climate change in digital society, while striving to mitigate the environmental impacts of the digital sector itself.

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