INDIA’S UPI TO BE INTRODUCED IN MALAYSIA, SAYS MODI

SERI KEMBANGAN, Feb 7 (Bernama) -- India’s Unified Payments Interface (UPI) will be introduced in Malaysia soon, said Indian Prime Minister Narendra Modi.

However, he did not provide further details on the timeline or implementation.

UPI is a real-time digital payments system that enables instant peer-to-peer and person-to-merchant transactions directly between bank accounts using mobile phones. 

Payments can be made through a Virtual Payment Address (VPA), QR codes or mobile numbers, without the need to share bank account details, and are secured through two-factor authentication.

As of 2025, UPI is the world’s largest retail fast-payment system by volume, handling more than 640 million transactions daily and surpassing global platforms such as Visa.

Modi said India has built the world’s largest digital public infrastructure and financial technology (fintech) ecosystem.

“Nearly half of the world’s real-time digital transactions happen in India, thanks to our UPI platform,” he said at a community reception here today.

Meanwhile, Modi said the “guiding wall” of India–Malaysia relations is IMPACT, which stands for the India–Malaysia Partnership for Advancing Collective Transformation.

“Impact on the speed of our relations. Impact on the scale of our ambitions. Impact for the benefit of our people. Together, we can benefit the entire humanity,” he said. 

On economic ties, Modi noted that Indian companies have long been keen to work with Malaysian partners and have contributed to key sectors, including healthcare and technology. 

“It is a privilege that we played a part in creating Malaysia’s first and Asia’s largest insulin manufacturing facility,” he said. 

He was referring to the integrated insulin manufacturing and research-and-development plant established by Biocon Sdn Bhd, a subsidiary of Biocon Ltd, located in Iskandar Puteri, Johor.

According to Modi, more than 100 Indian information technology companies are currently operating in the country, generating thousands of jobs.

He also pointed to growing digital collaboration, citing the Malaysia–India Digital Council as a platform opening new pathways for cooperation in the digital economy. 

In addition, he highlighted that total trade between Malaysia and India reached RM79.49 billion (US$18.59 billion) in 2025, with Malaysia’s exports to India amounting to RM52.30 billion (US$12.24 billion) and imports standing at RM27.19 billion (US$6.35 billion).

Modi is on an official visit to Malaysia from Feb 7 to 8, 2026, at the invitation of Prime Minister Datuk Seri Anwar Ibrahim, reciprocating Anwar’s official visit to India in August 2024.

-- BERNAMA