PM Modi & Singapore counterpart to attend launch of UPI-PayNow payment system partnership

Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong will witness the launch of cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow on Tuesday, a press release by the Prime Minister’s Office said.

“UPI is best in class, a completely open and interoperable payment platform. Since UPI was introduced as a payment system in India, it has not only revolutionised the financial lives of Indians, but in fact, India’s digital payment system is steadily becoming globally attractive and is being adopted by other countries as well,” the release added.

Several countries across the world have partnered with NPCI International Payments Limited to adopt UPI payments.

NPCI International Payments Limited (NIPL) is a wholly owned subsidiary of National Payments Corporation of India (NPCI). It is focused on transforming payments across the globe with the use of technology and innovation.

NPCI is an initiative by the Reserve Bank of India and the Indian Banks’ Association.

Here is the list of countries that have partnered with NIPL

Bhutan

NIPL, the International arm of the National Payment Corporation of India and the Royal Monetary Authority (RMA) of Bhutan partnered for enabling and implementing BHIM UPI QR-based payments in Bhutan.

Nepal

Nepal became the first foreign country to deploy UPI as a payment platform.  With the collaboration between Nepal’s Manam Infotech and Gateway Payments Service, person-to-person (P2P), person-to-merchant (P2M) and cross-border payments have been made operational.

Malaysia

Merchantrade Asia has partnered with NPCI International to offer Real-Time Remittances to India. This partnership has enabled Merchantrade and its Network to connect to NIPL and facilitate remittance to Beneficiary Banks in India via UPI.

Oman

The Memorandum of Understanding signed between Central Bank of Oman (CBO) and NIPL has enabled Indian RuPay cards and the UPI platform in Oman to facilitate seamless digital remittances, to benefit  Indian workers and professionals.

UAE

NIPL has partnered with LuLu Financial Holding, Mashreq Bank, and Network International in UAE to enable UPI payments.

France

France-based payment services provider Lyra Network signed an agreement with the NIPL, allowing students and tourists to make payments through UPI.

UK

To further strengthen its cross-border payment solutions, TerraPay and        PayXpert signed an agreement with NIPL. These partnerships have enabled Indian customers and merchants in India with an active UPI ID to make and accept cross-border payments seamlessly.

Other countries

NIPL partnered with Liquid Group, a leading cross-border digital payments provider, to enable UPI QR-based payments acceptance in ten markets across North Asia and Southeast Asia. With this UPI can be enabled in Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan.

NIPL has entered into a partnership with European payment services facilitator Worldline, with the intention of expanding acceptance of Indian payment channels across Europe, especially in countries such as the Netherlands, Belgium, Luxembourg, Switzerland, etc.

Under the partnership, Worldline’s QR code-based mechanism will allow merchants’ Point-of-Sale (PoS) systems in Europe to accept UPI payments from Indians using their mobile phones.

With inputs from agencies

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