Indian UPI Payments Now Accepted in Malaysia Through Razorpay Curlec Partnership

Indian travelers visiting Malaysia will soon enjoy the convenience of paying local merchants directly using their preferred Unified Payments Interface (UPI) applications, with settlements occurring instantly in Malaysian ringgit. This development is a result of a strategic partnership between Curlec, the Malaysian subsidiary of Indian fintech firm Razorpay, and NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation of India. The agreement, formalized recently, aims to facilitate seamless, real-time cross-border transactions for Indian visitors, allowing them to pay digitally without the need for cash or international cards. For Malaysian merchants, this means receiving payments directly in their local currency via Razorpay Curlec’s platform. Given that over one million Indians visited Malaysia in 2024, spending billions, this payment solution is poised to significantly boost tourism. UPI's immense scale, processing billions of transactions monthly, underscores its reliability for such international expansion. Ritesh Shukla, CEO of NIPL, emphasized that this expansion allows Indian travelers convenience akin to their domestic experience, while Kevin Lee, CEO of Razorpay Curlec, stated it supports Malaysian businesses in adapting to the digital economy. Razorpay Curlec is set to become one of the first payment service providers in Malaysia to accept UPI payments, marking a crucial step in globalizing India's digital payment ecosystem.

Impact This integration is expected to significantly boost bilateral tourism between India and Malaysia by easing payment friction. It will also enhance the global footprint and acceptance of India's UPI payment infrastructure, potentially leading to increased transaction volumes and revenue for participating fintech companies. The move strengthens financial connectivity and promotes digital economy adoption in Malaysia. Impact Rating: 7/10

Difficult Terms: Unified Payments Interface (UPI): A real-time payment system developed by India's National Payments Corporation of India (NPCI) that allows users to transfer funds instantly between bank accounts using a mobile app. NPCI International Payments Limited (NIPL): The international arm of NPCI, focused on expanding India's payment infrastructure globally. Razorpay Curlec: Curlec is a Malaysian payment gateway, and it is a subsidiary of the Indian fintech company Razorpay. Malaysian Ringgit: The official currency of Malaysia. Fintech: Stands for financial technology, referring to companies that use technology to provide financial services. Cross-border transactions: Financial transactions that occur between individuals or entities located in different countries.