Indian users will now be able to make cross-border payments easily through PayPal using UPI (Unified Payments Interface). The global payment company PayPal has announced a new platform called PayPal World, which aims to connect the world’s largest payment systems and digital wallets.
Easy to pay border from UPI easy
PayPal World will initially introduce interoperability between PayPal and Venmo. Its initial launch also includes UPI, which means that Indian consumers can now shop from international traders and pay through the UPI option. This will be extremely convenient for Indian consumers, as they will be able to use the same payment system from which they are already familiar with.
Example:
When purchasing clothes from an online store in the US, after clicking on the PayPal option on the checkout page, now the option of UPI payment will be seen. With this, consumers will be able to pay from their UPI account only.
First know what is UPI?
Unified Payments Interface (UPI) is a quick real time payment system, which allows users to transfer money to more than one bank accounts, on real -time basis. This is a very easy process in which there is no need for bank account details. In the last two years, many countries have started accepting payment through the UPI app.
NPCI welcomed
NPCI International Payments Limited (NIPL) Managing Director and CEO Ritesh Shukla said:
“Integration of UPI on the platform of PayPal World is an important step towards global expansion. It is in line with our approach to make cross -border payments more comfortable, safe and inclusive. This cooperation will increase the facility for Indian users paying abroad and enable the global businesses to benefit from the growing base of UPI users.”
Benefits more than two billion users
PayPal reported that this cooperation includes global partners representing around 2 billion users from all over the world. These include Mercado Pago, NPCI International Payments Limited, Paypal, Tenpay Global and Venmo. This step is considered a symbol of a new beginning for global digital payments.
