Source: BS
Context:
The National Payments Corporation of India (NPCI) and PayPal announced a major global partnership to integrate India’s Unified Payments Interface (UPI) with PayPal World, a new interoperable platform connecting payment systems and digital wallets across countries. The announcement was made at the Global Fintech Fest 2025 in Mumbai.
Key Highlights:
- UPI Goes Global via PayPal World:
- India’s UPI will be the first instant payments platform to be integrated into PayPal World, marking a significant step toward global payment interoperability.
- Objective of Collaboration:
- The initiative aims to create a frictionless, seamless, and interoperable payments ecosystem allowing users and merchants across different countries to transact easily.
- Strategic Importance of India:
- PayPal considers India a key innovation and workforce hub, with the second-largest employee base globally.
- Chriss emphasized that instead of competing with UPI, PayPal aims to connect India’s UPI network to the global payments ecosystem.
- About PayPal World:
- PayPal World is designed as a global interoperable payments network, enabling cross-border wallet-to-wallet transactions, supporting local payment systems, and enhancing digital financial inclusion.
