NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI) partnered with Razorpay Curlec to enable UPI-based payments in Malaysia. The partnership was announced during the Global Fintech Fest (GFF) 2025, marking another milestone in India’s fintech globalization journey.
About the Initiative
- The partnership will allow Indian travelers in Malaysia to make instant, secure payments at local merchant outlets directly through their UPI-enabled apps (like BHIM, PhonePe, Paytm, Google Pay, etc.).
- Malaysian merchants using Razorpay Curlec’s platform can now accept payments settled in local currency (Malaysian Ringgit – RM).
- This integration expands the cross-border digital payment ecosystem, reducing dependence on cash, minimizing foreign exchange costs, and improving payment convenience for both travelers and businesses.
Need and Significance
- Over 1 million Indian tourists visited Malaysia in 2024, spending over ₹110 billion (a 72% rise from the previous year).
- The rise in India–Malaysia travel and trade connectivity created demand for frictionless digital transactions.
- The UPI–Malaysia linkage enhances ease of doing business, financial inclusion, and tourism spending efficiency.
Impact
| Aspect | Impact / Benefit |
| For Indian Travellers | Make UPI payments abroad as easily as in India. |
| For Malaysian Merchants | Gain access to millions of Indian customers, with local settlement in ringgit. |
| For Fintech Sector | Promotes interoperable, real-time, cross-border payments. |
| For India | Enhances India’s global influence in digital public infrastructure (DPI) and fintech diplomacy. |
UPI’s Global Footprint (as of 2025)
India’s Unified Payments Interface (UPI) has become a global benchmark for real-time retail payments and interoperability.
Countries Where UPI is Accepted:
- Asia: Bhutan, Nepal, Singapore, Sri Lanka, Malaysia, Thailand, Philippines, Vietnam, Cambodia, South Korea, Japan, Taiwan, Hong Kong.
- Europe: France, Cyprus.
- Middle East: Oman, Qatar, UAE.
- Africa: Mauritius.
Malaysia joins this growing list, strengthening UPI’s presence in Southeast Asia.
About Unified Payments Interface (UPI)
| Feature | Details |
| Launched By | National Payments Corporation of India (NPCI) in 2016, with 21 member banks |
| Function | Enables real-time interbank transfers via mobile apps using VPA (Virtual Payment Address) |
| Apps Using UPI | BHIM, Google Pay, Paytm, PhonePe, Amazon Pay, etc. |
| Monthly Transactions (2025) | Nearly 20 billion transactions (September 2025) |
| Core Features | Instant fund transfer, interoperability across banks, secure and 24×7 availability |
| Layer in India Stack (DPI) | Part of the Payments Layer of Digital Public Infrastructure (DPI) |
About NPCI International Payments Limited (NIPL)
| Parameter | Details |
| Established | 3rd April 2020 |
| Parent Body | National Payments Corporation of India (NPCI) |
| Objective | Internationalisation of India’s payment systems — UPI and RuPay |
| Headquarters | Mumbai, Maharashtra |
| Mission | To deploy India’s payment innovations globally and support emerging economies in building Digital Public Infrastructure |
| Key Partnerships (2024–2025) | Singapore (PayNow), UAE (Mashreq), France (Lyra), Namibia (Bank of Namibia), Malaysia (Razorpay Curlec) |
Internationalisation of UPI
| Initiative | Description |
| UPI One World | Introduced to allow foreign nationals and NRIs from G20 countries to make UPI payments while in India through a prepaid instrument. |
| UPI–PayNow Linkage | Enabled seamless cross-border transactions between India and Singapore (2023). |
| NIPL–Bank of Namibia MoU (2025) | To establish a real-time payments system similar to UPI for financial inclusion. |
| UPI Acceptance Expansion | In partnership with international fintechs and banks for acceptance across Asia, the Middle East, Africa, and Europe. |
Significance of UPI’s Global Expansion
Fintech Diplomacy:
- Promotes India’s soft power by positioning UPI as a Digital Public Good (DPG).
Economic Integration:
- Facilitates faster, cheaper cross-border payments, enhancing trade and tourism.
Standardization & Interoperability:
- Encourages other countries to adopt India’s DPI framework for payments.
Revenue and Inclusion:
- Opens global business opportunities for Indian fintech startups and banks.
Remittance Efficiency:
- Reduces costs of remittances for NRIs and cross-border workers.
UPI in Global Governance Context
| India’s G20 Digital Initiatives (2023–2025) | Relevance |
| Global Digital Public Infrastructure (DPI) Repository | Repository of open-source digital systems, including UPI, Aadhaar, and DigiLocker. |
| Social Impact Fund for DPI in Global South | To finance digital public goods in developing nations. |
| UPI as DPI Model | Serves as a template for low-cost, scalable, and inclusive fintech solutions globally. |
Key Facts
| Topic | Static Information |
| National Payments Corporation of India (NPCI) | Established in 2008 as an initiative of RBI and IBA (Indian Banks’ Association) under Payment and Settlement Systems Act, 2007. |
| Key Products by NPCI | UPI, RuPay, FASTag, NACH, AePS, IMPS, Bharat BillPay. |
| Razorpay Curlec | A Malaysian payment gateway firm owned by Razorpay India, enabling recurring and instant payments in Southeast Asia. |
| Global Fintech Fest (GFF) | Annual fintech event co-organized by NPCI, Payment Council of India (PCI), and Fintech Convergence Council (FCC). |
| Malaysia’s Currency | Ringgit (MYR or RM) |
| Central Bank of Malaysia | Bank Negara Malaysia (BNM) |
| India–Malaysia Relations | Established in 1957; Malaysia is one of India’s top ASEAN trading partners. |
| Recent India–Malaysia MoUs | Cooperation in digital payments, palm oil trade, and higher education exchanges. |