NPCI's Global Division Collaborates with Singapore Fintech to Boost UPI Expansion

NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India (NPCI), has formed a strategic partnership with Singapore-based fintech company HitPay. This collaboration aims to enhance the acceptance of India’s Unified Payments Interface (UPI) in Singapore, further strengthening the country’s digital payment ecosystem.

Expanding UPI in Singapore

This partnership marks the second major initiative in Singapore following the launch of the UPI-PayNow linkage. The UPI-PayNow integration allows seamless cross-border remittances between India and Singapore, enabling users to receive money directly into their Indian bank accounts. The new collaboration with HitPay will focus on extending UPI’s acceptance across various merchants in Singapore, facilitating both online and offline transactions for Indian travelers and expatriates.

Progressive Merchant Rollout

NPCI has announced that UPI payments will be progressively made available to more than 12,000 merchants in Singapore. These merchants will have access to secure and efficient digital payment solutions that cater to Indian consumers. The initiative is expected to provide Indian visitors with a familiar and cost-effective payment option during their stay in Singapore.

Objectives and Vision

According to Ritesh Shukla, CEO of NPCI International, the organization is dedicated to expanding UPI’s global presence to offer seamless transactions for Indians traveling abroad. This partnership with HitPay not only broadens the payment ecosystem but also contributes to strengthening economic and technological ties between India and other countries.

HitPay’s Perspective

HitPay’s CEO and co-founder, Aditya Haripurkar, highlighted the significance of this partnership in enhancing the user experience for Indian travelers. By integrating UPI with Singapore’s payment infrastructure, the initiative simplifies transactions while fostering deeper financial connectivity between India and Southeast Asia.

NIPL’s Expanding Global Reach

NIPL is actively working on expanding the adoption of UPI and RuPay beyond India. The organization has already facilitated UPI payments in seven countries, including Bhutan, Mauritius, Nepal, Sri Lanka, and France. Recently, NIPL also partnered with the UAE-based fintech firm Magnati to introduce QR-based UPI merchant payments through point-of-sale (POS) terminals across the UAE.

Future Plans for UPI and RuPay Expansion

As part of its long-term vision, NIPL is collaborating with financial institutions in the UAE and Mauritius to establish a card scheme similar to India’s RuPay. This initiative aims to provide international consumers with access to secure and cost-effective digital payments.

Multilateral Efforts and Project Nexus

NIPL is exploring both bilateral and multilateral approaches to further UPI’s international acceptance. One key initiative is Project Nexus, led by the Bank for International Settlements (BIS). Under this project, central banks from India, Malaysia, the Philippines, Singapore, and Thailand are working together to connect instant payment systems across different countries. This initiative will enable seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions, aligning with UPI’s successful model in India.

Conclusion

The partnership between NPCI International and HitPay represents a significant step in the global expansion of UPI. By enabling secure, seamless, and cost-effective digital transactions in Singapore, this initiative will benefit both Indian travelers and local merchants. As NPCI International continues to build strategic alliances, the global adoption of UPI is expected to grow, further integrating India’s digital payments ecosystem with the world.