Popular payments service Paypal has also confirmed its plans to launch UPI-based payments service in India. The service is popular among people for sending and receiving payments from other countries.
With the UPI payment service, PayPal will join companies such as Google, Amazon, Xiaomi, PhonePe, and Paytm. WhatsApp is also bringing UPI payments soon.
Paypal is basically used for individuals and merchants for cross-border payments. The company began serving Indian people back in the year 2007 but was only offering cross-border transactions until November 2017. After that, it also started offering local payments. Paypal can be seen as a payment option on several shopping platforms.
Now when UPI is popular in India, most of the people prefer UPI in place of a digital wallet or card payments. If you see the numbers, UPI is the fastest growing payment processor. In just January 2020, 1305.02 million UPI transactions were processed by banks. It shows why Paypal is eager to introduce UPI payment.
Paypal is not the only upcoming player in the UPI segment, WhatsApp is also coming soon that recently got approval by the National Payments Corporation of India (NPCI). The UPI market is already crowded with several big players, the road to success won’t be easy.
