E-wallet provider Sticpay bolsters money transfer capabilities with UPI integration in India
UK-based e-wallet service provider and payment gateway Sticpay has integrated Unified Payments Interface (UPI), India’s mobile-based fast payment system, into its solution.
Sticpay integrates UPI into its tech stack
The integration will enable UPI users in India to manage payments through Sticpay’s platform and “make domestic and international money transfers more quickly, affordably and securely”, without the need for traditional banking infrastructure.
Furthermore, the paytech also promotes the move as a benefit to local businesses in the form of “an additional digital payment option at a time when more than 40% of payments in India have become digital”.
Sean Park, CEO at Sticpay, cites the integration with UPI as “a significant new chapter in Sticpay’s growth story”.
“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,” he says.
Founded in 2018, Sticpay claims to provide a range of payment services, including the transfer of fiat and cryptocurrencies via bank wire, credit card, and local payment methods, to over one million users in 200 countries.
The latest development to the paytech’s platform arrives amid a growing recognition of UPI’s capabilities across the globe. Just this week, the Central Reserve Bank of Peru announced that it had struck a deal with NPCI International Payments Limited to establish an instant payment system akin to UPI for the South American country.
