Indian users can now easily make cross-border payments using UPI through PayPal. Global payment company PayPal has announced a new platform called PayPal World. It aims to connect the world’s largest payment systems and digital wallets.
UPI is making waves in many countries of the world including India. Transactions through UPI are increasing rapidly in the country. Be it paying the vegetable vendor or making payment for online shopping, most people now use UPI. Meanwhile, global payment company PayPal has launched PayPal World. Its purpose is to connect with the world’s largest payment systems and digital wallets. With this, Indian users can now easily make cross-border payments using UPI through PayPal.
This new system has been launched in collaboration with India’s NPCI International, Tenpay Global, MercadoPaygo and Venmo. Through this, it will become easier than ever for about 2 billion consumers around the world to make payments and transfer money. It will eliminate the need for credit cards or other channels. This will simplify the payment process and there will be no need to launch every UPI app in different countries.
Make payments easily across the seven seas through UPI
The platform will start by offering interoperability between PayPal and Venmo. UPI will also be included in its initial launch. This means that Indian users can now shop from international merchants. They will be able to make payments easily using the UPI option. Understand it like this, if you buy clothes on an online store in the US, then Indian users browsing will now have to click on the PayPal option at the time of checkout. After this, the UPI option will appear. This will allow them to complete the transaction using their UPI account.
NPCI welcomed this integration
Managing Director and CEO of NPCI International Payments Limited (NIPL) Ritesh Shukla has welcomed this move. He said that UPI on PayPal World’s platform is an important step towards global expansion. This will make it easier to make payments across the seven seas. The company has said that more wallets will also be connected to this platform in the coming months.
Know what is PayPal
PayPal is an online payment system that allows you to send and receive money worldwide. It acts as a digital wallet, allowing you to make online payments by linking your bank account, credit card, or debit card. Using PayPal, you can make online purchases, pay bills, and send money to friends and family.
