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PayPal to integrate UPI for cross-border payments with global partners
Mumbai
Unified Payments Interface (UPI) is being integrated with global payments major PayPal, enabling seamless cross-border transactions between UPI users and merchants abroad.
This development follows PayPal's collaboration with multiple global partners to connect digital payment systems and wallets worldwide.
Among these partnerships is its tie-up with NPCI International Payments Limited (NIPL), the body tasked with the internationalisation of the UPI and RuPay card networks.
Indian UPI users transacting with merchants in the United States will soon be able to select UPI as a payment option by clicking the PayPal button at checkout.
PayPal is also partnering with other global payment systems such as Latin America's Mercado Pago, China's TenPay Global, and US-based Venmo, in addition to India's NIPL.
'The integration of UPI on PayPal World's platform will mark a significant step in expanding UPI's global footprint. This collaboration will enhance convenience for Indian users making payments abroad and enable global businesses and merchants to tap into a growing base of UPI users,' said Ritesh Shukla, managing director and chief executive officer, NIPL.
These partnerships enable interoperability between different global payment systems, easing cross-border transactions. Users onboarded with partners connected to PayPal and Venmo will be able to execute payments through this interoperable framework.
The platform is expected to expand access to nearly two billion users, according to the fintech firm.
PayPal World is also compatible with features such as dynamic payment buttons and even stablecoins.
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