VIYONA Fintech partners with EFICYENT to enable cross-border UPI acceptance

VIYONA Fintech has announced a significant alliance with EFICYENT, a cross-border payments platform, aimed at facilitating the international usage of India's Unified Payments Interface (UPI) in select global markets. This partnership is set to enhance merchant acceptance and streamline cross-border collections in key regions such as the Middle East, North America, Europe, and Southeast Asia—areas that represent a large portion of India's remittance inflows and spending on travel and education abroad. UPI, created by the National Payments Corporation of India (NPCI), has emerged as one of the most extensive real-time payment systems in the world, particularly in terms of transaction volume. The collaboration seeks to create a seamless link between India’s domestic UPI framework and international payout and settlement networks. With this agreement, merchants outside India will be able to accept UPI payments, enabling Indian consumers and businesses to conduct transactions in foreign countries using a familiar payment method. The integrated system will incorporate foreign exchange conversion, compliance measures, and settlement functionalities to facilitate hassle-free cross-border transactions. VIYONA Fintech is recognized for its technology services, providing UPI and IMPS switching solutions, along with infrastructure for collections and payouts for banks, non-banking financial companies (NBFCs), and fintech organizations. EFICYENT specializes in multi-currency accounts, international payout operations, and foreign exchange management. The integration will combine VIYONA's domestic payment processing capabilities with EFICYENT's extensive global payout network, supporting various international use cases. Executives from both companies revealed that the rollout of these corridors will occur in phases, pending necessary regulatory approvals in the respective regions. Industry experts believe that a structured approach to cross-border UPI acceptance could significantly reduce transaction costs and enhance settlement times compared to traditional banking methods, especially for retail payments. As India maintains its status as one of the largest recipients of remittances globally and as outbound digital commerce continues to grow, there is a strong push from policymakers to expand the reach of the nation’s digital public infrastructure on a global scale.