India's Unified Payments Interface (UPI) is making waves globally, and its latest partnership with Singapore-based HitPay marks a significant milestone. This collaboration, spearheaded by NPCI International Payments Limited (NIPL), aims to bring seamless UPI payment solutions to Singaporean merchants, revolutionizing cross-border transactions.
The Power of UPI in Singapore
With over 450 million UPI users in India, this integration allows Singaporean merchants to accept payments through popular UPI apps like BHIM, Google Pay, PhonePe, and Paytm. HitPay's platform, already integrated with Shopify, Wix, and WooCommerce, enables businesses to process UPI payments for both in-store and eCommerce transactions. This move is set to save merchants up to 50% on fees compared to traditional credit card payments.
A Boost for Tourism and Trade
India is one of Singapore's fastest-growing tourist markets, with 1.2 million Indian travellers visiting in 2024. By enabling UPI payments, merchants can cater to this growing demographic, enhancing the shopping and payment experience for Indian tourists.
Leadership Speaks
Ritesh Shukla, CEO of NIPL, emphasized the importance of expanding UPI's global presence to simplify transactions for Indians travelling abroad. Aditya Haripurkar, CEO of HitPay, highlighted the transformative impact of UPI on India's payment landscape and its potential to benefit Singaporean merchants.
Why It Matters This partnership not only strengthens economic ties between India and Singapore but also sets a benchmark for cross-border payment interoperability. It showcases the potential of digital payment innovation to create a globally connected ecosystem.