PayPal, a prominent player in global payments, will add Unified Payments Interface (UPI) to let users of the real-time payments system send money across borders to businesses in other countries.
As part of the PayPal UPI integration, the company has been working with a number of partners globally to integrate digital payment systems and wallets. PayPal World is the name of this project.
One of these partnerships is with NPCI International Payments (NIPL), which is in charge of making the UPI and RuPay card networks available to people all over the world.
“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.
Soon, UPI users in India who buy things from merchants in the United States will be able to choose UPI as a payment method by clicking the PayPal button at checkout.
PayPal is working with other global payment systems, such Mercado Pago in Latin America, TenPay Global in China, Venmo in the US, and NIPL in India.
These relationships, including the PayPal UPI integration, make it possible for diverse worldwide payments to work together, which makes transactions easier. People who have linked PayPal and Venmo will be able to make payments using this 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.
The finance company says it would let them access new markets with about two billion people.
The platform, strengthened by the PayPal UPI integration, works with dynamic payment buttons and stablecoins.