Cross-Border Payment Revolution: India-Malaysia QR Integration
NPCI International Payments Ltd partners with Payments Network Malaysia to enable QR-based cross-border merchant payments between India and Malaysia. The phased rollout will first benefit Indian travelers in Malaysia and later Malaysians in India. This integration enhances payment options for tourists in both nations.
- Country:
- India
NPCI International Payments Ltd (NIPL) has entered into a collaborative agreement with Payments Network Malaysia Sdn Bhd (PayNet) to advance QR-based merchant payments between India and Malaysia. This strategic deal marks a milestone in cross-border payment solutions, facilitating an easier transaction process for travelers between the two countries.
According to National Payments Corporation of India (NPCI), the integration will commence in phases. Initially, Indian tourists visiting Malaysia can use their UPI apps to conduct seamless transactions at numerous DuitNow QR acceptance touchpoints across diverse sectors. Following this, Malaysians traveling to India will similarly be able to use their DuitNow apps to scan UPI QR codes and make payments.
This initiative promises to unlock million of merchant locations for UPI and DuitNow app users in both territories, including restaurants, retail outlets, and tourist spots. The collaboration between NIPL and PayNet signifies a critical enhancement in cross-border payment capabilities, fostering secure, efficient, and seamless transactions for all.
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