Project Nexus

Current Context : RBI ties up with ASEAN for instant cross-border retail payments under Project Nexus.

• India’s Unified Payments Interface (UPI) and FPSs of Malaysia, the Philippines, Singapore and Thailand will be interlinked through

ABOUT NEXUS

• It is a multilateral international initiative to enable instant cross-border retail payments.
• It will connect faster payment systems of four ASEAN countries, including Malaysia, the Philippines, Singapore, Thailand, and India.
• The Nexus platform is projected to play an important role in making retail cross-border payments “efficient, faster, and more cost-effective”.