India is set to link its Unified Payments Interface (UPI) with Malaysia’s PayNet, Prime Minister Narendra Modi announced during a joint press conference after a meeting with Malaysian Prime Minister Anwar Ibrahim.
CNBC reported that the move aims to further India’s ongoing efforts to expand its instant payment network globally.
UPI, a widely used payment system in India, has already been integrated with several countries, including Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka, and Nepal.
India’s Minister of State for Finance, Pankaj Chaudhary, has emphasized the government’s commitment, along with the Reserve Bank of India, to broaden UPI’s international reach.
PayNet reaffirmed that it is dedicated to enhancing Malaysia’s financial infrastructure through continuous innovation and strategic partnerships.
The announcement came after bilateral discussions between the two leaders in New Delhi, where they explored avenues to enhance cooperation across multiple sectors.
In a statement, PayNet noted,
“The growing travel corridors between Malaysia and other countries, such as India, offer an exciting avenue for boosting global interoperability. By enhancing cross-border digital payment systems, we aim to make Malaysia even more appealing for travellers seeking a smooth and efficient payment experience abroad.
While we are constantly exploring new partnerships to advance these goals, including with UPI, we are not in a position to share additional details on any specific initiative at this time.”
Featured image credit: Edited from Freepik
