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NDTV·3 min read·medium

UPI Now Works in 11 Nations, But Is It Really Cheaper Than Forex Cards or Cash?

P
Prateek Shukla
UPI Now Works in 11 Nations, But Is It Really Cheaper Than Forex Cards or Cash?
✦AI Summary

While UPI is expanding internationally, experts warn that convenience does not always equate to cost-effectiveness for travelers. Users are advised to compare exchange rates and hidden conversion fees against traditional forex cards and credit cards.

Why it matters

As digital payment systems go global, consumers need to be aware of the hidden financial costs associated with cross-border transactions.

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For an Indian traveller, paying for a coffee in another country is becoming increasingly familiar.Scan a QR code. Enter the amount. Approve the payment.No searching for cash. No fumbling with foreign currency. No handing over a card.With the Unified Payments Interface, or UPI, expanding its international footprint, Indian travellers can now use the familiar payment system across 11 countries. The convenience is obvious.But there is a more important question for travellers watching their budgets. Is UPI actually cheaper than carrying cash, using a forex card or swiping an international credit or debit card?Convenience Does Not Always Mean the Lowest CostInternational UPI can be a cost-effective way to pay abroad. But it is difficult to call it universally cheaper than every other payment option.The final cost depends on several factors.

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