PayPal to integrate UPI for cross-border payments with global partners

PayPal is partnering with NPCI International and global wallets to enable Indian users to make cross-border payments using UPI, starting with US-based merchants

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Global payments major PayPal will integrate Unified Payments Interface (UPI) to enable cross-border transactions between users of the real-time payments system and merchants abroad.

 

This comes on the back of PayPal collaborating with multiple global partners to connect digital payments systems and wallets across the world. This initiative is being called PayPal World.

 

One such partnership includes collaboration with NPCI International Payments (NIPL), a body that is tasked with the internationalisation of UPI and RuPay card network.

 

“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 (CEO), NIPL.

 

UPI users in India 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 partnering with other global payments systems such as Latin America’s Mercado Pago, China’s TenPay Global, and US-based Venmo, alongside India’s NIPL.

 

These partnerships allow interoperability between different global payments to ensure the ease of transaction. Users on board with partners who have connected PayPal and Venmo will be able to execute payments via such interoperability.

 

“(PayPal World) is purpose-built to allow further interoperability if partner wallets decide to pursue that in the future, further expanding reach and acceptance across borders. Leveraging open commerce APIs (application programming interfaces), PayPal World solves the complexity of cross-border commerce with a cloud native, multi-region deployment architecture that ensures low latency and high availability worldwide,” the company said in a statement. 

 

It would allow for expanded reach to new markets with nearly two billion users, according to the fintech firm.

 

The platform is compatible with features such as dynamic payment buttons and even stablecoins.