India Stack

2023: Launch outside India

On 17 August 2023, India announced the signing of a memorandum of understanding with the Republic of Trinidad and Tobago. Under the terms of the agreement, this island nation in the southern Caribbean will use India Stack's suite of digital services, including the payment system.

The large-scale India Stack project provides for the creation of a single platform on the basis of which all kinds of digital services are provided. One of the components of this infrastructure is the Unified Payments Interface (UPI). It allows you to transact and receive banking services for enterprises and organizations of all sizes.

India's National Payment System Starts Launching in Other Countries

In May 2022, India announced its intention to provide access to India Stack's suite of services to other countries. It is assumed that this will allow the most populous state in the world to strengthen economic ties.

With the help of India Stack, countries can quickly climb the ladder of digitalisation and transform their economy and governance, said India's Electronics and Information Technology Minister Rajeev Chandrasekhar.

Since June 2023, India has signed memoranda of understanding with a number of countries to share the India Stack platform. This, in particular,, Armenia Sierra Leone Suriname, as well. A similar agreement in Antigua and Barbuda July 2023 was signed with, Papua New Guinea which "indicates the growing interest and adoption of this initiative on a global scale." However, some, states such as Mauritius and Saudi Arabia, are discussing the possibility of using India Stack services. At the same time, the France United Arab Emirates has Singapore Sri Lanka agreed to accept payments made through UPI.^[1]

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