India’s Unified Payments Interface (UPI) system is set to enter the Malaysian market, as the two countries continue to strengthen their longstanding economic ties, said Indian Prime Minister Narendra Modi.
“The Malaysia-India Digital Council is paving new pathways for our digital collaboration. I am happy to share with you that India’s UPI will come to Malaysia soon,”
The intention for UPI to enter Malaysia was first expressed in August 2024.
Modi said while addressing the Indian diaspora at a reception in Kuala Lumpur on February 7, according to The Star.
He noted that nearly half of the world’s real-time digital transactions occur in India using the UPI platform. Modi added that Indian companies have consistently shown interest in working with Malaysia.
Malaysian Prime Minister Datuk Seri Anwar Ibrahim said the two countries are deepening cooperation in sectors that will define the century.
“The Malaysia-India Digital Council reflects this shared ambition. The linkage between India’s unified payment system, UPI, and Malaysia’s PayNet system will make cross-border payment simpler for businesses, students and clients,”
Anwar said.
Modi’s last official visit to Malaysia was in November 2015, though he made a brief stopover on May 31, 2018. During this visit, he was accompanied by India’s External Affairs Minister Dr S. Jaishankar and senior government officials.
Featured image credit: Edited by Fintech News Singapore, based on image by user5742774 via Freepik
This article first appeared on Fintech News Malaysia
