STICPAY, a global e-wallet service provider, has incorporated the Unified Payment Interface (UPI), India’s mobile-based fast payment system, into its platform.
Under the agreement, the integration with STICPAY allows UPI users to handle their payments via STICPAY’s platform, enabling them to bypass the necessity for traditional banking infrastructure.
In terms of STICPAY users in India, this partnership grants enhanced access to their funds and harnesses the widespread acceptance and ease of UPI throughout the nation.
Additionally, the partnership presents numerous advantages tailored specifically to the Indian market. The integration provides Indian users with a streamlined and economical method for handling cross-border transactions – a capability particularly advantageous to India, given its status as the country with the largest overseas community and the highest volume of annual migrants globally.
Sean Park, CEO at STICPAY, stated: “Our integration with UPI, the global leader in instant payments, marks a significant new chapter in STICPAY’s growth story.
“India is the world’s fastest growing market for digital transactions, with digital transactions having grown 90-fold in just a decade; our mission in India is to further refine this ecosystem, ensuring Indian merchants and consumers have access to a modern financial ecosystem that meets their needs.”
Furthermore, the integration aims to support local businesses by providing them with an additional digital payment avenue. This move comes at a time when over 40% of transactions in India have shifted to digital platforms, thereby expanding customer options and simplifying merchant processes.
Moreover, the deal aligns with the rising trend of mobile-based financial services in India, particularly among unbanked populations. With approximately 130 million Indians lacking access to formal banking channels, fintech solutions like mobile banking are playing a crucial role in fostering financial inclusion.
India’s expanding digital payment landscape received a significant boost in May as Google initiated the global expansion of its Google Wallet service, marking its debut in the country.
