Will be "humbling" to see Japan's Paytm-powered PayPay to soon be enabled for Indians: Paytm founder
May 22, 2023
Noida (Uttar Pradesh) [India], May 22 : Paytm Founder Vijay Shekhar Sharma has said it will be "humbling to see Japan's Paytm-powered PayPay to soon be enabled for our home users" after Japan's Minister for Digital Transformation Taro Kono said that the island country is "seriously thinking about joining the Indian UPI payments system".
India's mobile payments revolution has been making waves globally and has become a model for other countries as they take steps towards digitisation.
After Singapore's integration in the UPI network, Japan is also considering a similar move. In an interview, Japan's Minister for Digital Transformation has said that Japan is "seriously thinking about joining the Indian UPI payments system".
Pioneer of India's mobile and quick response (QR)-based payments, Paytm's Vijay Shekhar Sharma on Saturday welcomed this news and expressed his delight and pride over this.
Paytm founder on Saturday took to the micro-blogging site, Twitter, and, said that with Japan working on integration of UPI, it will be "humbling to see Paytm powered Japan's largest mobile payment system" @PayPayOfficial enabled for our home users".
The Fintech giant launched PayPay in 2018 with SoftBank and Yahoo Japan, empowering the country with cashless transactions. PayPay leverages Paytm's technology to drive mobile payments in Japan and has in fact seen immense popularity.
Vijay Shekhar Sharma tweeted: "Very proud to see Japan working to integrate with India's global pride @UPI_NPCI system ! It will be humbling to see Paytm powered Japan's largest mobile payment system @PayPayOfficial enabled for our home users. Thank you @AshwiniVaishnaw sir @konotarogomame "
India and Singapore on February 21 linked their respective online payments systems -- Unified Payments Interface (UPI) of India and PayNow of Singapore -- for seamless cross-border transactions between the two countries.
The virtual launch function was attended by Prime Minister Narendra Modi and Singaporean counterpart Lee Hsien Loong.
The linkage of these two payment systems of both countries would enable residents of both countries to the faster and more cost-efficient transfer of cross-border remittances. People in both the countries will be able to send money real-time via QR-code based or simply by entering mobile numbers linked to the bank account.
Paytm has been instrumental in India's digital transformation through its innovative solutions like QR-code and Soundbox. The company has taken UPI to every nook and corner of India.
Paytm Soundbox is an audio-assisted smart device which provides instant notifications when you receive a payment. It is a small portable speaker for your daily payment alerts which comes with a SIM-based connectivity.
