Singapore – Indian travelers visiting Singapore will soon have greater ease in making payments, thanks to a new partnership between NPCI International Payments Limited (NIPL) and HitPay, a Singapore-based full-stack payments infrastructure firm. The collaboration aims to broaden the acceptance of India's widely successful United Payments Interface (UPI) across Singaporean merchants.
The initiative will allow Indian tourists to utilize familiar QR code-based payments at a wide array of locations, including popular tourist spots, restaurants, and retail outlets. This development comes at a time of significant travel between the two nations, with over 1.2 million Indian visitors recorded in Singapore last year, according to the NPCI.
Ritesh Shukla, CEO of NIPL, emphasized the strategic importance of this partnership, stating, "We are focused on expanding UPI’s global presence to make transactions easier for Indians traveling abroad. Our partnership with HitPay expands UPI acceptance in Singapore, offering Indians a reliable, cost-effective payment option during their travel. This collaboration also highlights our commitment to building a globally connected payments ecosystem."
UPI, hailed by India’s Finance Ministry as a system that has "transformed India’s payment landscape with unmatched speed, simplicity, and scalability," processed an impressive 172 billion transactions in 2024, a substantial 46% increase from the previous year. This growth underscores UPI's pivotal role in driving India's shift towards a digital economy.
The integration of UPI will be rolled out progressively to over 12,000 merchants in Singapore. This will not only benefit Indian consumers by providing a seamless and intuitive payment experience but also offer Singaporean businesses the opportunity to tap into the growing Indian tourist market through both online and offline channels.
Aditya Haripurkar, CEO and Co-Founder of HitPay, expressed enthusiasm about the collaboration, stating, "UPI has transformed India’s payment landscape with unmatched speed, simplicity, and scalability. This integration reflects HitPay’s vision to be the trusted partner for merchants in Singapore, providing seamless access to the fastest-growing markets in Asia and beyond."
This partnership represents a significant step in UPI's global expansion, reinforcing its standing in the international digital payments arena. By facilitating easier and more affordable cross-border transactions for Indian citizens, this collaboration is expected to enhance their travel experience and further strengthen the economic and technological ties between India and Singapore. As UPI continues its international journey, this initiative plays a crucial role in fostering a more interconnected global financial system.
[Copyright (c) Global Economic Times. All Rights Reserved.]
