Paytm Plans Launch of UPI International for Global Expansion
- ByStartupStory | May 10, 2023
Paytm plans to launch “UPI International” service on its app soon, as NPCI pushes for UPI acceptance globally. During a live social media session, Paytm Payments Bank’s board member Bhavesh Gupta stated that the fintech company will soon introduce the UPI International feature.
According to Bhavesh Gupta, “board member of Paytm Payments Bank, Paytm plans to introduce the ‘UPI International’ service on its app. Gupta mentioned this during the company’s live social media session, stating that the fintech firm would soon launch the service”.
Gupta also said that “the NPCI has begun acquiring merchants for UPI in Singapore, and he expects it to begin in other countries with large Indian diasporas or high volumes of Indian tourists soon”. However, he added that the service may not be a priority over other features that consumers want at this stage.
Earlier this year, PhonePe became one of the first platforms to integrate UPI International on its app, allowing users to make payments in foreign currencies directly from their bank accounts.
During a recent live session, Paytm introduced several new features, including UPI Lite and RuPay credit card service for iOS, as well as the ability for users to have an alternate UPI ID to protect their mobile numbers. Although Paytm plans to launch UPI International soon, it currently prioritizes other features that consumers have been requesting.
Paytm Payments Bank CEO Surinder Chawla announced that Paytm has acquired 6 million customers within three months of the launch of its UPI Lite feature on the app in February. This comes as rival PhonePe launched a similar feature earlier this year to enable users to make low-value payments under INR 200 from their UPI Lite account without entering a pin.
Paytm’s announcement about the launch of UPI International comes amidst the NPCI’s efforts to expand UPI services globally. The NPCI has taken various steps to enable international expansion of UPI, including allowing non-resident accounts with international mobile numbers to use UPI. The NPCI has also set up a subsidiary, NPCI International, to work with global players. The Indian government is currently in discussions with nearly 30 countries for deploying UPI in their respective countries, as stated by Union IT Minister Ashwini Vaishnaw.
UPI, the digital payments service of India, has been adopted in Nepal, making it the first country apart from India to do so. UPI has also been deployed in various Middle Eastern countries to cater to the Indian diaspora. Cross-border linkage between UPI and Singapore’s PayNow was completed in February 2022 to facilitate cross-border payments.
In April 2023, the transaction volume of UPI declined by 0.24% to INR 14.07 Lakh Cr compared to INR 14.10 Cr in March, as per NPCI data. PhonePe, Google Pay and Paytm collectively held a 94% market share in terms of UPI transactions processed in March 2023. During that month, Paytm processed 128.84 Cr transactions valued at INR 1.54 Lakh Cr.
Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.
Follow Startup Story
Related Posts
