UPI Integration with Malaysia's PayNet: A Leap in Digital Payment Cooperation
UPI and PayNet: A New Era of Digital Payment Collaboration
In a significant move for digital payments, Prime Minister Narendra Modi revealed India's plan to integrate Unified Payments Interface (UPI) with Malaysia's national payments network, PayNet. The announcement, made after Modi's bilateral meeting with Malaysian PM Anwar Ibrahim, aims to strengthen economic ties through technological synergy.
Startup Alliance and Digital Cooperation
The integration of UPI with PayNet is not the only focus; an India-Malaysia Startup Alliance will be formed to boost innovation and cooperation among tech firms. Modi emphasized the creation of a Digital Council to oversee technological advancements and partnerships in areas such as semiconductors, fintech, AI, and quantum computing.
Memoranda of Understanding (MoUs)
In addition to the digital payment integration, several MoUs were signed, paving the way for collaborative efforts in technology, digital payments, and startups between India and Malaysia.
- Digital public infrastructure
- Cybersecurity
- 5G technology
- Cloud computing
As both nations aim for enhanced cooperation in high-impact digital technologies, the integration of UPI and PayNet is set to revolutionize how financial transactions are conducted, further solidifying India's position as a global fintech leader.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.