PayPal announced its plan to integrate with India’s UPI system through its new global platform PayPal World which will enable businesses and consumers to make seamless cross-border payments. The strategic partnership unites PayPal’s worldwide network with India’s leading Unified Payments Interface (UPI) to expand UPI’s international reach.
PayPal World will establish a connection between PayPal and local payment systems to simplify international payment transactions. PayPal has established partnerships with Brazil’s Mercado Pago and Tencent’s Tenpay Global and Venmo to launch the platform together with India’s National Payments Corporation (NPCI) which operates UPI.
The digital payment market in India shows UPI as its leading platform because it controls 85% of retail digital payment volumes according to regulatory data. Through PayPal World NPCI plans to demonstrate India’s digital payment capabilities to international markets by integrating UPI.
Ritesh Shukla from NPCI International Payments Limited described the partnership as a major development for UPI’s worldwide expansion. The Indian government continues to work with African and South American nations to establish UPI systems in their respective regions.
The PayPal World platform will launch this year with additional partner additions planned to establish a fully interoperable international payment system.
