Razorpay to Enable UPI Payments in Malaysia, Marking a Major Global Expansion
New Delhi, Oct 30 (TheTrendingPeople.com): In a landmark move set to redefine the global footprint of India’s digital payments ecosystem, Razorpay on Thursday announced that Indian travellers will soon be able to make UPI payments in Malaysia, marking one of the most significant cross-border fintech integrations to date.
The initiative, unveiled at the Global Fintech Fest 2025, is a collaboration between Razorpay’s Malaysian subsidiary Curlec and the National Payments Corporation of India International Payments Limited (NIPL) — the international arm of NPCI. The partnership aims to make Unified Payments Interface (UPI)-based transactions seamless, instant, and secure for Indian travellers, eliminating the need for international cards or foreign currency exchanges.
Policy Overview: Taking India’s Fintech Leadership Global
The launch in Malaysia represents a major policy milestone in India’s digital diplomacy and fintech globalization agenda, which has gained momentum under the Digital India and Viksit Bharat 2047 visions.
Since its inception in 2016, UPI has evolved from a domestic payments platform to a global benchmark in real-time digital transactions. The Reserve Bank of India (RBI) and the Ministry of Electronics and Information Technology (MeitY), in collaboration with NPCI International, have been actively pursuing cross-border linkages to enable interoperable digital payments across nations.
Malaysia is the fifth country to adopt UPI-based payments, following similar integrations in Singapore, the UAE, Nepal, and France.
According to official sources, discussions are also underway with several other Southeast Asian and Middle Eastern nations, as India seeks to establish UPI as the “payment language of the Global South.”
Union Minister for Electronics and IT, Ashwini Vaishnaw, hailed the development as a testament to India’s digital innovation leadership.
“India’s UPI model has proven that technology, when designed for inclusivity and scalability, can transform economies. With Razorpay’s expansion into Malaysia, we are not just exporting technology but sharing a framework for trusted, transparent, and accessible financial systems,” he said.
Key Features of the Collaboration
Under the new integration, Indian tourists visiting Malaysia will be able to pay local merchants using UPI-enabled apps such as PhonePe, Google Pay, Paytm, and BHIM, directly from their Indian bank accounts.
Razorpay’s Malaysian subsidiary, Curlec, will act as the payment intermediary, ensuring that transactions are settled in Malaysia’s local currency, the ringgit (RM).
According to Shashank Kumar, Managing Director and Co-founder of Razorpay:
“UPI has totally changed the way India pays, showing what’s possible when innovation and inclusion come together at scale. Now, with Curlec, we’re bringing that same energy to Malaysia — helping businesses and travellers enjoy the speed, trust, and simplicity that make India’s digital payments so powerful. This isn’t just about payments; it’s about creating a truly borderless fintech future across Asia.”
Kumar added that Curlec will support multi-merchant onboarding, enabling small businesses, restaurants, hotels, and retail outlets in Malaysia to start accepting UPI payments with minimal technical integration.
For travellers, the process will be familiar: simply scanning a QR code at the merchant’s point of sale using their UPI app will instantly complete the transaction in Indian rupees, with automatic currency conversion and settlement handled in real time.
Impact Analysis: Boost to Tourism, Trade, and Digital Inclusion
The timing of this initiative is significant. In 2024, more than one million Indian tourists visited Malaysia, spending over Rs 110 billion — a 71.7% surge from the previous year. Tourism analysts expect this number to rise further, driven by improved air connectivity and visa facilitation measures.
By enabling UPI payments, Indian travellers can now avoid the hassles of currency exchange and high foreign transaction fees, making their overseas experience more convenient and cost-effective.
Economists also point to the dual benefit of this integration:
- For Malaysia: Increased tourist spending and financial inclusion for local merchants, especially small and medium businesses that previously could not accept international payments.
- For India: Greater global recognition of its fintech infrastructure and the export of its payment innovation model to emerging markets.
“Digital public infrastructure like UPI is becoming one of India’s most successful exports,” said Nandan Nilekani, Chairman of Infosys and one of UPI’s architects.
“When other countries adopt UPI or build on top of it, it enhances India’s position as a fintech leader and reinforces our role in shaping the future of global payments.”
Economic and Industrial Implications
Industry observers believe that the move could pave the way for stronger economic ties between India and Malaysia, particularly in the digital economy.
The integration of UPI into Malaysia’s fintech ecosystem is expected to:
- Strengthen B2B and B2C cross-border payment flows, especially for Indian startups expanding to Southeast Asia.
- Encourage financial interoperability within ASEAN countries, supporting the region’s push toward a unified payments network.
- Open new opportunities for Indian fintech firms to expand globally by leveraging the trust and brand equity UPI has built domestically.
According to data from NPCI, UPI processed nearly 20 billion transactions in September 2025 alone, a scale unmatched globally. With this partnership, Razorpay and Curlec are expected to enable hundreds of thousands of Malaysian businesses to access the same efficiency and reliability.
Ritesh Shukla, CEO of NPCI International, described the tie-up as a “natural extension” of UPI’s growth story.
“We are thrilled to see UPI crossing yet another border. The Razorpay-Curlec integration in Malaysia will not only simplify payments for Indian travellers but will also demonstrate how scalable India’s real-time payment system truly is.”
Public and Expert Response
The fintech community has lauded the announcement as a major step toward “payments globalization.” On social media, industry experts described the development as “India’s digital soft power moment,” drawing parallels with how UPI is fast becoming a global standard for real-time payments.
Travel platforms and tourism boards have also welcomed the initiative, noting that seamless digital payments could boost travel frequency and spending by Indian tourists.
“Ease of payment has a direct impact on consumer behaviour. The ability to pay in rupees via UPI eliminates uncertainty and improves confidence among travellers,” said Rajesh Magow, CEO of MakeMyTrip.
Future Outlook: Toward a Borderless Fintech Ecosystem
The success of the Razorpay-NPCI partnership in Malaysia could act as a blueprint for similar collaborations in other regions. Talks are reportedly underway to expand UPI’s reach to countries like Indonesia, Sri Lanka, and the Maldives, aligning with India’s strategy to build a cross-border payments corridor across Asia and Africa.
As global interest in interoperable digital payments grows, experts believe that India’s UPI framework — known for its scalability, low transaction costs, and interoperability — will continue to gain traction internationally.
With Razorpay leading this expansion through Curlec, the initiative marks not just a business milestone but a symbolic step in India’s emergence as a digital innovation powerhouse.
Final Thoughts from TheTrendingPeople.com
The introduction of UPI payments in Malaysia through Razorpay’s Curlec represents a defining moment in India’s fintech journey — a move that merges technology, diplomacy, and commerce into one seamless digital experience.
By bridging borders through real-time payments, India is not only simplifying transactions for travellers but also redefining what financial inclusion looks like in a global context.
As UPI continues to expand across continents, the world is increasingly recognizing India’s leadership in building a borderless, inclusive, and innovation-driven digital economy.