You can now use UPI for international transactions via PayPal
What's the story
The National Payments Corporation of India (NPCI) and PayPal have announced a partnership to integrate Unified Payments Interface (UPI) with PayPal World. This integration allows Indian users to use UPI as a payment method when shopping internationally on platforms that accept PayPal. For instance, when an Indian user makes a purchase from an international online store that supports PayPal, they can select UPI as their payment option during checkout.
CEO's vision
Need for interoperability in digital wallets
PayPal CEO Alex Chriss emphasized the need for interoperability in digital wallets during the launch. He said, "The future of money is going to be domestic wallets." He added that if people are going to interact with wallets, they should be made interoperable. India is a key market for PayPal, with the second-largest employee base. Chriss said instead of competing with UPI in India, it makes more sense to connect India to the world.
Strategic alliance
NPCI-PayPal partnership to enhance global interoperability in digital payments
The NPCI-PayPal partnership marks a major step toward global interoperability in digital payments. The integration of UPI with PayPal World is part of a larger mission to connect payment systems and digital wallets around the world, making it easier for consumers and merchants to interact.