Razorpay has partnered with NPCI International Payments Limited (NIPL) to enable UPI payments in Malaysia via its local entity, Razorpay Curlec. This breakthrough means that Indian travelers can now pay Malaysian merchants by simply scanning a UPI QR with their existing Indian UPI apps. For merchants, payments are received directly in Malaysian Ringgit via Razorpay Curlec’s payment infrastructure, eliminating the need for cash or international cards.
The rollout is set to benefit sectors like retail, travel, and hospitality. Given that over 1 million Indian tourists spent more than ₹11,000 crore in Malaysia in 2024 alone, the move promises both ease for travelers and a boost for merchants.
Leadership Comments: Bridging Fintech Frontiers
Announcing the partnership, Razorpay called it a milestone that “bridges India’s fintech innovation with Malaysia’s digital economy” and simplifies instant, cross-border digital payments. Zac Liew, Co-Founder & CEO of Curlec, highlighted how combining Razorpay’s technology with deep local payment ecosystem knowledge will create a superior payment experience for Malaysian merchants, especially as Curlec transitions into a full-stack payment gateway.
Harshil Mathur, Co-Founder & CEO, previously noted that “Razorpay’s growth is an index of India’s digital economy,” and emphasized that scaling globally means “transforming age-old complexities in money movement… and delivering real-time intelligent payment and banking solutions.” With the leadership elevation of Khilan Haria to CPO this year, Razorpay has additionally underlined its commitment to global expansion in SEA and further UPI enablement.
Razorpay’s Global Milestones and Expansion
Razorpay began expanding internationally with its acquisition of Curlec in Malaysia in 2022. In 2023, Curlec by Razorpay launched its first full-stack international payment gateway, supporting over 700 Malaysian businesses and aiming to grow to 5,000 partners and RM10 billion ($2 billion) annual gross transaction value by 2025. The company is leveraging its advanced technology—including UPI, cards, local e-wallets, automated payouts, and recurring payments—to streamline business transaction flows globally.
Razorpay’s broader vision is to position itself as a full-stack provider for both digital and offline payments, as evidenced by several “firsts” in AI, chat-based payments, and financial stack innovation.
Read this: OpenAI Partners with Razorpay to Let Users Shop and Pay Directly Through ChatGPT Using UPI
The Global Rise of UPI: India’s Fintech Diplomacy
UPI’s debut in Malaysia is part of a much larger expansion. 2025 has seen UPI go live in international markets including the UAE, France, Singapore, the UK, and most recently Qatar—underscoring the Indian government’s ambition to make UPI a global benchmark for affordable payments. UPI now processes more than 19 billion monthly transactions, with year-on-year volume up 31% and new acceptance corridors opening rapidly.
This “fintech diplomacy” is supported by giants like PayPal, who have incorporated UPI into their global systems, and by heightened government engagement—transforming UPI from a domestic backbone to a vital part of the cross-border digital commerce infrastructure.
What’s Next: Toward Frictionless Global Payments
Razorpay Curlec’s UPI feature is just the start. The next phase of growth will focus on biometric and PIN-less transactions, with even more partnerships expected across Southeast Asia and the Middle East. With India poised to extend UPI to over 20 countries by 2029 and merchant acceptance networks almost doubling in 2025 alone, the future of real-time, borderless digital payments is here—and Indian fintech remains at its vanguard.
