Global payments company PayPal has announced a partnership with the National Payments Corporation of India (NPCI) for the integration of India’s Unified Payments Interface (UPI) on its new cross-border platform, PayPal World.
The collaboration aims to make UPI accessible for international transactions and simplify payments for Indian users abroad.
The integration is part of PayPal’s broader plan to connect major global payment systems and digital wallets on a single platform. The company said this will start with interoperability between PayPal and its subsidiary Venmo.
Other initial partners include Brazil's Mercado Pago and Tencent Holdings' Tenpay Global. Combined, the launch partners represent nearly two billion users worldwide, PayPal said in a statement.
“The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses,” said Alex Chriss, PayPal President and CEO.
Speaking on the development, NPCI International Payments Ltd MD & CEO Ritesh Shukla said, “The integration of UPI on PayPal World's platform will mark a significant step in expanding UPI's global footprint. It aligns with our vision to make cross-border payments more seamless, secure, and inclusive. 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.”
UPI currently accounts for about 85% of the total volume of retail digital payments in India, according to regulatory data. The Indian government has been in discussions with countries in Africa and South America to explore building similar digital payment systems using UPI as a model.
PayPal World, which is expected to go live later this year, will allow interoperability between local platforms and PayPal. The company also plans to bring more partners on board in the future.
