India and Malaysia Link UPI and DuitNow for Seamless Cross-Border Payments
Malaysia and India have launched a new payment partnership to simplify transactions between the two countries. The agreement connects Malaysia's DuitNow QR system with India's Unified Payments Interface (UPI). Travellers, students, and small businesses will now find cross-border payments faster and more affordable.
The initiative arrives as Malaysia aims to attract over two million Indian tourists by 2026 under its Visit Malaysia campaign.
The rollout will happen in two stages. In the first phase, Indian visitors can use UPI-enabled apps to pay at any of Malaysia's 2.9 million DuitNow QR merchants. These include shops, restaurants, and popular tourist spots.
Later, Malaysians travelling to India will be able to scan UPI QR codes and pay using their local banking apps or e-wallets. This will give them access to millions of UPI-enabled merchants across India.
Ritesh Shukla, CEO of NPCI International, explained that the partnership focuses on making payments seamless for travellers. He described the system as familiar, secure, and convenient for users from both countries. Praveen Rajan, CEO of PayNet, added that the linkage will improve payment connectivity not just for tourists but also for merchants, banks, and financial services.
The new system is designed to cut costs for remittances and frequent transactions. It targets students, small businesses, and individuals who regularly move money between Malaysia and India.
The QR interoperability agreement strengthens financial ties between Malaysia and India. It removes barriers for travellers and supports Malaysia's goal of boosting Indian tourist numbers. The two-phase implementation will expand payment options for millions of users in both nations.
