This integration allows UPI's approximately 300 million users in India to conduct both domestic and international money transfers more efficiently and securely. With this integration, UPI users can now manage their payments through STICPAY's platform, facilitating swift and secure transfers without relying on traditional banking infrastructure.
This partnership extends greater accessibility to funds for STICPAY users in India, leveraging the widespread adoption and convenience of UPI across the nation. The collaboration between STICPAY and UPI offers several advantages tailored to the Indian market. Indian users can now benefit from a streamlined and cost-effective solution for managing cross-border transactions, particularly advantageous given India's status as having the largest overseas diaspora globally and the highest number of annual migrants.
Moreover, this integration supports local businesses by providing them with an additional digital payment option in a market where digital payments account for over 40% of transactions. This expansion enhances customer choice and simplifies merchant operations.
The integration aligns with the growing trend of using mobile services for financial transactions in India, particularly among unbanked communities. With approximately 130 million Indians lacking access to formal banking services, fintech solutions such as mobile banking are crucial for driving financial inclusion. In 2023 alone, India recorded 114 billion digital financial transactions.
Representatives of STICPAY emphasized the significance of the UPI integration, highlighting India's rapid growth in digital transactions. STICPAY aims to enhance the financial ecosystem in India, catering to the needs of both merchants and consumers.
STICPAY is a global e-wallet and payment gateway serving over one million users and 5,000 corporate clients across more than 200 countries. The platform enables users to transfer various fiat and cryptocurrencies through bank wire, credit card, and local payment and crypto methods.
Additionally, the company facilitates secure international e-commerce transactions for online merchants with global customers and offers fast, safe, and cost-effective transfer services for individuals, including those using non-major currencies. Founded in 2018, STICPAY is licensed by the UK Financial Conduct Authority, Labuan Financial Services Authority, and the Mauritius Financial Services Commission.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now