The BRICS TimesIndia and Malaysia have finalized an agreement regarding UPI payments. Following this new deal, Indian citizens can use apps like PhonePe, Google Pay, and Paytm for transactions while traveling in Malaysia.
UPI has become a globally recognized digital payment system. The Unified Payments Interface, India’s own system, is now gaining worldwide attention. Recently, NPCI International Payments Limited (NIPL) formally launched services in Malaysia. NIPL is the international arm of the National Payments Corporation of India (NPCI). This launch means Indian visitors to Malaysia can now easily pay using their UPI apps.
Travelers will no longer need to exchange currency. They also will not have to depend on foreign currency entirely. This crucial step gives India’s UPI official acceptance in nine countries. Tourists and business people can use UPI for shopping and for business dealings in all these nations. Let us find out how this new feature will operate for everyone.
New Deal Struck with Malaysia
India and Malaysia successfully reached an agreement on cross-border UPI payments. Under this significant deal, India’s NIPL has collaborated with Malaysia’s payment gateway, Razorpay Curlec. Consequently, Indian citizens can now use popular apps like PhonePe, Google Pay, and Paytm. These apps will facilitate various payments in Malaysia. The facility will specifically function through the Razorpay Curlec platform within Malaysia.
Who Stands to Gain the Most?
This new feature benefits tourists traveling to Malaysia greatly. They can use UPI for all their shopping and other financial needs. They will also avoid the cost of buying Malaysian Ringgit. Furthermore, they will save on the high charges of international credit and debit cards.
Moreover, business people operating in Malaysia will also get a direct benefit. They can use the UPI system for their trade-related transactions. This efficient method will save time for merchants and traders in both countries.
Which Countries Accept Indian UPI?
You can currently use Indian UPI for payments in a total of nine countries. The list includes France, the UAE, Malaysia, Mauritius, Sri Lanka, Singapore, Bhutan, Nepal, and Qatar.
