UPI Heads to Japan… and India’s Payment Rails Go Global Again
Hey Payments Fanatic!
India’s UPI is preparing to debut in Japan, marking another step in the global rollout of the country’s flagship payment network.
A partnership between NTT Data and the National Payments Corporation of India will kick off a trial in fiscal 2026.
The first use case is clear and practical. Indian tourists in Japan will be able to pay using UPI, with transactions debited directly from their bank accounts back home. No new wallets. No cards. No friction.
What’s more interesting is what comes next. NTT Data and NPCI are also exploring deeper links between Japanese and Indian payment networks, pushing cross-border account-to-account payments closer to reality.
UPI keeps doing what it does best. Start local. Prove scale. Then quietly export the rails.
Scroll down to see what else is moving in Payments today 👇 Back tomorrow with more stories.
Cheers,
INSIGHTS
Payment Gateway 🆚 Payment Orchestration
NEWS
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GOLDEN NUGGET
𝐓𝐡𝐞 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐩 — understanding today’s ecosystem 👇 Created by Arthur Bedel 💳 ♻️
Stablecoins now move trillions annually. FXC Intelligence’s Stablecoin Power Map clarifies how value flows across issuers, liquidity networks, orchestration layers, payouts, wallets and enterprise platforms — showing how stablecoins are a programmable settlement layer in global commerce.
Here is a clear view of the core layers defining the stablecoin economy.
𝐓𝐡𝐞 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐋𝐚𝐲𝐞𝐫𝐬 — explained
1️⃣ 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐖𝐡𝐢𝐭𝐞-𝐋𝐚𝐛𝐞𝐥 𝐈𝐬𝐬𝐮𝐢𝐧𝐠
→ Role: Create stablecoins and operate issuance, mint/burn, reserve, and treasury frameworks.
→ Providers: Circle, Tether.io, Paxos, PayPal, Ripple, Dfns.
↳ Paxos continues to scale regulated white-label issuance frameworks, supported by wallet infrastructure providers like Dfns.
2️⃣ 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 & 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬
→ Role: Deliver liquidity, FX, routing, compliance, and programmable settlement rails across global corridors.
→ Providers: BVNK, Bitso, Lightspark
↳ Lightspark and Noah are building next-generation settlement networks.
3️⃣ 𝐁2𝐁 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 & 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞 𝐁𝐚𝐧𝐤𝐢𝐧𝐠
→ Role: Power global merchants, marketplaces, exporters, airlines and platforms with faster settlement and less FX friction.
→ Providers: Conduit, Orbital, Triple-A, Breeze
↳ Breeze is driving new MoR settlement models that embed blockchain logic into global merchant operations.
4️⃣ 𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐏𝐚𝐲𝐨𝐮𝐭𝐬 & 𝐌𝐚𝐫𝐤𝐞𝐭𝐩𝐥𝐚𝐜𝐞𝐬
→ Role: Support creator payouts, freelancers, gig-economy disbursements, and marketplace settlements.
→ Providers: Bitwage, Request Finance, TransFi
↳ BitPay enables global platforms to incorporate stablecoin payouts.
5️⃣ 𝐏2𝐏 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 & 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐁𝐚𝐧𝐤𝐢𝐧𝐠
→ Role: Enable remittances, consumer wallets, debit cards, and stablecoin accounts.
→ Providers: Coinbase, Kraken, Stables.
↳ Coinbase is integrating stablecoin transfers and spend into mainstream consumer financial experiences.
6️⃣ 𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧, 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 & 𝐀𝐜𝐜𝐞𝐩𝐭𝐚𝐧𝐜𝐞
→ Role: Manage routing, FX, treasury automation, and multi-rail acceptance across fiat and stablecoin flows.
→ Providers: Aquanow, BitPay, Fireblocks, Bridge.
↳ Bridge is building orchestration frameworks that unify fiat and stablecoin.
7️⃣ 𝐂𝐚𝐫𝐝 & 𝐖𝐚𝐥𝐥𝐞𝐭 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞
→ Role: Provide embedded wallets, card programs, tokenized balances, and programmable enterprise accounts.
→ Providers: Gnosis Pay, BVNK, Ripple, Dfns.
↳ Dfns delivers programmatic wallet infrastructure enabling enterprises to embed stablecoin functionality securely at scale.
Stablecoins aren’t replacing traditional finance — they’re extending it, forming a more programmable and globally accessible liquidity layer.
Source: FXC Intelligence
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