India, Indonesia to integrate UPI payment systems for seamless cross-border transactions

Prime Minister Narendra Modi announced on Tuesday that India’s Unified Payments Interface (UPI) will be integrated with Indonesia’s payment system, which will enable tourists and businesses to make cross-border retail payments more easily by using their domestic payment apps.

Addressing a joint press conference with Indonesian President Prabowo Subianto in Jakarta, PM Modi said, "We are delighted that India’s UPI is set to be integrated with Indonesia’s payment system. This will boost both the ease of doing business and the ease of travel."

The Prime Minister also stated that India and Indonesia are strengthening cooperation in technology and strategic industries.

"In today's era, supply chain resilience in technology is of great importance. A significant agreement has also been reached to further strengthen supply chains in the critical minerals and steel sectors. New partnerships are being forged between our companies regarding stainless steel and rare-earth magnets," PM Modi said.

India and Indonesia also finalised a framework on maritime safety and security cooperation among the close to a dozen agreements signed on Tuesday. PM Modi confirmed that the Indian Space Research Organisation will assist in the exploration of outer space for peaceful purposes and help in the capacity building of Indonesia’s space sector.

He further stated that the Indonesian President will launch the conservation project for the Prambanan Temple in Yogyakarta, which is a symbol of the shared cultural heritage of India and Indonesia.

"Tomorrow, I will have the privilege of launching the conservation project for the Prambanan Temple in Yogyakarta alongside President Prabowo. More than a thousand years old, the Prambanan Temple stands as a symbol of the shared cultural heritage of India and Indonesia," PM Modi said.

The Prime Minister also announced that India and Indonesia will celebrate the centenary of Gurudev Rabindranath Tagore's historic visit to Indonesia as the 'Tagore-Dewantara Year of Cultural and Educational Diplomacy.'

"We are taking important steps in every area: development, security, technology, culture, and education. I am confident that from today, a golden chapter of the India-Indonesia partnership will begin. This golden chapter will have a very large positive impact on the world of the 21st century," PM Modi added.

PM Modi also announced that Indian Institute of Management Bangalore (IIMB) will establish its campus in Indonesia. The Prime Minister said that the campus will greatly benefit the youth of the entire ASEAN region. The proposed campus will be established at Singhasari Special Economic Zone (SEZ), Malang, Indonesia and is a landmark step towards the internationalisation of India's higher education ecosystem.

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