Prime Minister Narendra Modi announced that India’s Unified Payments Interface (UPI) will be integrated with Indonesia’s payment system, enabling seamless cross-border retail payments for tourists and businesses. The two countries also expanded cooperation in critical minerals, maritime security, space, education and cultural diplomacy.
Key Highlights
- India’s UPI will be integrated with Indonesia’s national payment system.
- The move will simplify cross-border payments for businesses and travellers.
- India and Indonesia signed agreements on critical minerals, maritime security and space cooperation.
- IIM Bangalore will establish its first campus in Indonesia’s Singhasari SEZ.
New Delhi, July 07: Prime Minister Narendra Modi on Tuesday announced that India’s Unified Payments Interface (UPI) will be integrated with Indonesia’s payment system, marking a major milestone in bilateral financial cooperation. The initiative will allow tourists, businesses and consumers in both countries to make cross-border retail payments seamlessly using their domestic payment applications.
Addressing a joint press conference with Indonesian President Prabowo Subianto in Jakarta, PM Modi said the integration would significantly improve the ease of doing business and the ease of travel, while strengthening digital connectivity between the two countries.
Beyond digital payments, India and Indonesia agreed to deepen collaboration in technology, critical minerals, stainless steel, rare-earth magnets and resilient supply chains. The Prime Minister highlighted the growing importance of technology partnerships and supply chain resilience in an evolving global economy.
The two countries also signed a framework agreement on maritime safety and security cooperation, while ISRO will assist Indonesia in peaceful space exploration and capacity building for its space sector. These initiatives further strengthen the India-Indonesia Comprehensive Strategic Partnership across strategic and emerging sectors.
Highlighting the strong cultural bond between the two nations, PM Modi announced that he and President Prabowo will jointly launch the Prambanan Temple Conservation Project in Yogyakarta, a UNESCO World Heritage Site that symbolises the shared civilisational heritage of India and Indonesia. The two countries will also celebrate the centenary of Gurudev Rabindranath Tagore’s historic visit to Indonesia as the ‘Tagore-Dewantara Year of Cultural and Educational Diplomacy.’
In another major announcement, PM Modi said the Indian Institute of Management Bangalore (IIM Bangalore) will establish its campus at the Singhasari Special Economic Zone (SEZ) in Malang, Indonesia. The proposed campus will strengthen higher education cooperation and serve students from Indonesia and the wider ASEAN region, marking a significant step in the internationalisation of India’s education ecosystem.
Conclusion
The integration of UPI with Indonesia’s payment system, along with new agreements in technology, education, maritime security and cultural cooperation, signals a new phase in the India-Indonesia Comprehensive Strategic Partnership, strengthening economic integration and regional connectivity.
