Bahrain is looking to link its local payment system to the Unified Payments Interface (UPI) to enable faster and more secure payments between countries. The initiative was announced by the Central Bank of Bahrain, which said that it was working with the National Payments Corporation of India and the Reserve Bank of India on the project.
The UPI system has been in place in India since 2016 and allows for real-time, secure payments between two parties. Bahrain is the first country outside India to adopt UPI and is looking to leverage its capabilities to enable faster payments between the two countries. This will help to reduce transaction costs and make payments more secure.