Global e-wallet service provider and payment gateway, STICPAY, has integrated India’s mobile-based fast payment system, UPI, into its platform. This enables UPI’s 300 million users across India to make domestic and international money transfers more quickly, affordably and securely.
UPI users are now able to manage their payments through STICPAY’s platform. It means they can make quick and secure domestic and international transfers without the need for traditional banking infrastructure. For STICPAY users in India, the partnership now enables them to enjoy greater accessibility to their funds. And to leverage the widespread adoption and convenience of UPI across the country.
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The partnership also offers several benefits specifically to the Indian market. STICPAY’s integration with UPI offers Indian users an efficient and cost-effective way to manage cross-border transactions. This is a feature particularly beneficial to India, with the world’s largest overseas diaspora. The local market also features the highest number of annual migrants in the world.
The integration is also designed to benefit local businesses. It offers them an additional digital payment option at a time when more than 40% of payments in India have become digital. The result is enhanced customer choice and streamlining of merchant operations.
130 million Indian consumers still lack access to formal banking
Furthermore, the integration supports the growing use of mobile services for financial transactions in India, including amongst unbanked communities. Around 130 million Indians are still without access to formal banking services. Fintech solutions, such as mobile banking, are helping to drive new forms of financial inclusion. Some 114 billion digital financial transactions were recorded across India last year alone.
Sean Park, STICPAY CEO, said: “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 marks for digital transactions, with digital transactions having grown 90-fold in just a decade. Our mission in India is to further refine this ecosystem. This ensures Indian merchants and consumers have access to a modern financial ecosystem that meets their needs.”
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