PayPal ropes in UPI, China's Tenpay to ease global payments for two billion users

PayPal has partnered with National Payments Corporation of India (NPCI)-operated Unified Payments Interface (UPI) and Tencent Holdings' Tenpay Global to launch a cross-border payments platform, PayPal Global. The network, with US-based Venmo and Latin American fintech major Mercado Pago among initial partners, will let consumers send money or shop globally using their existing digital wallets and payments systems.

PayPal World will allow “interoperability” as partner digital wallets connect to PayPal and Venmo, the fintech company stated. Meanwhile, merchants using PayPal can accept payments from those wallets without spending on new technology to integrate with various providers. PayPal is eyeing a user base of two billion with its new global payments platform.

PayPal cited an example of an Indian buyer shopping for sneakers on a US-based online store. Instead of setting up a new PayPal account, that person can use their existing UPI account to pay for the purchase using the PayPal button.


“The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses,” said PayPal chief executive Alex Chriss in the statement.

“The integration of UPI on PayPal World’s platform will mark a significant step in expanding UPI’s global footprint. It aligns with our vision to make cross-border payments more seamless, secure, and inclusive. This collaboration will enhance convenience for Indian users making payments abroad and enable global businesses and merchants to tap into a growing base of UPI users,” said Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL).

PayPal said its PayPal World will go live late this year. The platform will also add additional partner wallets in the future, the company said.

PayPal World will also have support for agenctic shopping, dynamic payment buttons for quicker checkouts and stablecoins in future, PayPal said.