Paytm Takes UPI Global
In a significant development for Indian digital payments, One97 Communications Limited, the parent company of Paytm, has announced that Indian travelers can now use the popular UPI payment system in select international locations. The new feature allows Paytm users to make payments for shopping, dining, and local experiences in countries such as the United Arab Emirates (UAE), Singapore, France, Mauritius, Bhutan, and Nepal. This expansion marks a key milestone in Paytm’s strategy to enhance the user experience for Indians traveling abroad, enabling seamless payments using the same app they rely on at home.
The functionality, which is initially disabled, can be activated through a one-time setup. Once users link their bank accounts to their Paytm app for international payments, they will be able to pay easily via UPI at participating merchants and locations. If users forget to activate the feature before traveling, the app will automatically prompt them to do so. Paytm’s spokesperson emphasized that with the upcoming holiday season, this service would make foreign travel more convenient by offering a frictionless payment option for users wherever they go.
This global expansion of UPI comes at a time when the National Payments Corporation of India (NPCI) is focusing on broadening the reach of UPI and Rupay services internationally. Currently, UPI is operational in seven countries, including France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius, and Nepal. In addition, commercial agreements have been finalized with countries like Namibia, Trinidad and Tobago, and Peru, with discussions underway to introduce the service in 10 more nations. The expansion of UPI and Rupay is a key initiative aimed at positioning India as a leader in the global digital payments ecosystem.
Dilip Asbe, Managing Director and CEO of NPCI, shared that the international adoption of UPI has been steadily growing. He noted that UPI processed more than 500 million daily transactions in September 2024, marking a significant rise from the previous month. In September alone, UPI processed over 15 billion transactions valued at ₹20.64 lakh crore. Asbe also highlighted the technological improvements made over the years, which have reduced transaction failures drastically, from an 8-10% rate in 2016 to just 0.7-0.8% in 2024.
UPI Lite, a new feature designed for low-value transactions, has also contributed to the growing popularity of UPI. UPI Lite enables users to complete small-ticket payments without the need for a UPI PIN, offering added convenience. The recent increase in transaction limits for UPI Lite further boosts its appeal, ensuring that users can make quick, secure payments both domestically and abroad. As UPI expands globally, its growing adoption and enhanced features signal a promising future for India’s digital payment systems on the world stage.