mumbai
NPCI Worldwide Funds Ltd (NIPL), the worldwide arm of the Nationwide Funds Company of India (NPCI), has signed an settlement with Malaysia’s nationwide funds community, Funds Community Malaysia Sdn Bhd (PayNet), to allow QR-based service provider funds between India and Malaysia.
The rollout will happen in phases. Within the first section, Indian vacationers visiting Malaysia will be capable to use the UPI app to make seamless cross-border service provider funds at DuitNow QR acceptance touchpoints. DuitNow QR is Malaysia’s nationwide QR customary and is operated by PayNet.
Within the subsequent section, Malaysians visiting India will be capable to scan UPI QR codes and make service provider funds utilizing the DuitNow app. In keeping with NIPL, the combination will give Indian vacationers entry to tens of millions of DuitNow QR service provider touchpoints in Malaysia, spanning eating places, shops, vacationer sights and different institutions.
Equally, Malaysian vacationers visiting India will even profit from acceptance at tens of millions of UPI QR-enabled retailers throughout the nation, the corporate stated.
Ritesh Shukla, MD and CEO, NPCI Worldwide, stated, “Below the steering of the Authorities of India and the Reserve Financial institution of India, we purpose to increase UPI’s world footprint making a real-time funds ecosystem that’s interoperable with main cost networks all over the world.”
“Our partnership with PayNet is a vital step in enabling seamless QR-based service provider funds between India and Malaysia, offering vacationers with a well-known, safe and handy cost expertise. This partnership strengthens our efforts to simplify cross-border funds whereas strengthening the digital and financial connectivity between our two nations,” he stated.
Praveen Rajan, CEO of PayNet, stated: “This settlement displays how a rustic’s funds infrastructure can help on a regular basis cross-border funds at scale. The enabling collaboration between Malaysia’s DuitNow QR and India’s UPI will strengthen funds connectivity for vacationers, retailers, banks and the broader monetary companies ecosystem.”
“With Go to Malaysia 2026 and the rise in two-way journey, this cooperation will contribute to broader commerce and financial actions between Malaysia and India,” he added.
