Key Points
- PayPal is launching a new global cross-border payments platform called PayPal World.
- It has partnered with major payment networks, including India’s UPI, Brazil’s Mercado Pago, and Tencent’s Tenpay.
- The platform will enable consumers using local payment systems to transact with international businesses easily.
- The partnership with UPI is a major move, connecting PayPal to India’s dominant digital payments network.
PayPal is launching a new global platform that will enable consumers to make cross-border payments to businesses with ease. The company has partnered with several major international payment networks, including the operator of India’s incredibly popular Unified Payments Interface (UPI).
The new platform, called PayPal World, is designed to connect different local payment systems with PayPal’s global network. Its key partners include India’s National Payments Corporation of India (which runs UPI), Brazil’s Mercado Pago, and Tencent’s Tenpay Global. PayPal’s own Venmo will also be part of the platform.
The inclusion of UPI is a major win for both sides. UPI dominates the digital payments market in India, accounting for about 85% of all retail digital transactions. This partnership will significantly expand UPI’s global reach, enabling Indian consumers to make international payments more easily and conveniently.
At the same time, it provides PayPal with access to India’s massive and rapidly growing digital payments ecosystem. India has been actively promoting its UPI system as a model for other countries to follow. It is in talks with nations in Africa and South America to assist them in building similar platforms.
PayPal World is expected to go live later this year, and the company says it plans to add more partners in the future.
