PayPal to integrate with India’s UPI via new cross-border payments platform
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New Delhi: Payments giant PayPal has announced a partnership with India's Unified Payments Interface (UPI) operator and other global firms to launch a new platform that will enable seamless cross-border transactions for consumers and businesses, Reuters reported.
The upcoming platform, named PayPal World, aims to establish interoperability between local payment systems and PayPal’s services, the company said in a statement on Wednesday.
Key partners for the platform include the National Payments Corporation of India (NPCI), which operates UPI, Brazil’s Mercado Pago, Tencent Holdings’ Tenpay Global, and Venmo.
UPI currently dominates India’s digital payments landscape, accounting for nearly 85 per cent of the total volume of retail digital transactions, according to regulatory data.
“The integration of UPI on PayPal World’s platform will mark a significant step in expanding UPI’s global footprint,” said Ritesh Shukla, CEO and Managing Director of NPCI International Payments Limited (NIPL).
India has been in discussions with countries in Africa and South America to help them develop digital payment systems inspired by UPI’s framework.
PayPal World is expected to go live later this year, with the company planning to bring more partners on board as it expands its global reach in digital payments.
