India’s total bilateral trade with Latin America reached $39.21 billion in FY 2024-25, up from $35.73 billion the year before. Latin American companies import pharmaceuticals, engineering goods, chemicals, textiles, and IT services from India every day.
But paying Indian suppliers from Latin America is harder than it should be.
The reason is rarely talked about: India’s payment rails were built for domestic transactions first. UPI processes over 640 million transactions per day domestically, but sending money into India from outside has historically required navigating SWIFT wires, correspondent bank chains, and INR conversion processes that are slower and more expensive than the domestic experience.
This guide explains the payment rails Yativo supports for paying Indian suppliers from LATAM, why each one works differently, and how to execute payouts via dashboard or API.
Why Paying Indian Suppliers from LATAM Is Complicated
Sending money to India from Latin America involves the same problems as any SWIFT-based cross-border corridor, compounded by a few India-specific factors.
The RBI controls inward remittances tightly. All foreign currency entering India must flow through authorized dealer banks and comply with FEMA (Foreign Exchange Management Act) regulations. This means not all payment rails work equally.
Indian suppliers have strong local payment preferences. UPI dominates Indian domestic payments, and IMPS handles real-time bank-to-bank transfers. Most Indian suppliers expect to receive INR in their bank account via one of these systems, not an international wire in USD.
SWIFT wires to India often arrive late or short. India’s correspondent banking network is well-established but adds 2-5 days and 2-4% in combined FX markup and fees by the time funds reach the final beneficiary’s Indian bank account.
Yativo solves this by combining stablecoin-powered settlement with licensed local payout partners in India who deliver via UPI, IMPS, or SWIFT depending on the supplier’s preference.
Supported Payment Rails for India
UPI (Unified Payments Interface)
UPI is India’s real-time payment system, processing over 640 million transactions daily and accepted by over 500 million Indians. For business payments, UPI delivers funds directly to your supplier’s bank account via their UPI ID or mobile number, typically within minutes.
Your supplier receives INR in their normal bank account. This is the preferred method for most Indian suppliers because it is instant, familiar, and requires no additional setup on their end.
Best for: Freelancers, small and medium suppliers, IT service providers, consultants, and any Indian business that prefers receiving INR instantly.
IMPS (Immediate Payment Service)
IMPS is India’s 24/7 real-time bank-to-bank transfer system. Unlike UPI which uses a VPA (Virtual Payment Address), IMPS requires the recipient’s bank account number and IFSC code. Settlement is immediate, available around the clock including holidays.
IMPS is widely used for B2B supplier payments where the beneficiary’s bank account details are known and the preference is a direct bank credit.
Best for: Established supplier relationships where you have the supplier’s bank account number and IFSC code, and for higher-value B2B transfers.
SWIFT (INR or USD)
For suppliers who prefer international wire transfers, or for larger institutional payments, Yativo supports SWIFT payouts to India in both INR and USD. USD SWIFT payouts are converted to INR by the recipient’s bank on arrival.
Best for: Large enterprises, suppliers who specifically request SWIFT, or payment amounts that exceed UPI/IMPS limits.
How the Payment Flow Works
- You fund the payment from your local currency (CLP, USD, MXN, or another supported wallet)
- Yativo converts to stablecoin (USDT/USDC) and settles on-chain
- A licensed local payout partner in India receives the stablecoin settlement
- The partner converts to INR and delivers to your supplier via UPI, IMPS, or SWIFT
- Your supplier receives INR in their normal bank account
Your supplier does not need a crypto wallet. They never interact with stablecoins. They receive INR exactly as they would from any domestic transfer.
How to Pay Indian Suppliers via Yativo
Option 1: Dashboard (for manual payments)
- Go to Transfer in your Yativo dashboard
- Select the customer or account to debit
- Select source currency: CLP, USD, MXN, or another supported wallet
- Choose payout method for India: UPI, IMPS, or SWIFT
- Enter supplier details: For UPI: UPI ID or mobile number. For IMPS: bank account + IFSC code. For SWIFT: account + SWIFT/BIC code.
- Enter the amount in your source currency or INR
- Review the quote: exact FX rate, fees, delivery time, and INR amount your supplier receives
- Confirm with PIN + 2FA
- Track in real time from your dashboard
- Download receipt for accounting and compliance
Option 2: API (for automated bulk payouts)
All endpoints are in the Yativo API documentation.
Get available payout methods for India:
GET /payment-methods/payout?country=INDAuthorization: Bearer YOUR_API_KEY
Get required beneficiary fields (dynamic per rail):
GET /beneficiary/form/show/{gateway_id}Create supplier beneficiary (UPI example):
POST /beneficiaries/payment-methods/
{
"gateway_id": 420,
"nickname": "India IT Supplier",
"customer_id": "uuid",
"currency": "INR",
"payment_data": {
"beneficiary_name": "Bangalore Tech Solutions Pvt Ltd",
"upi_id": "bangaloretech@okhdfc",
"beneficiary_email": "pa******@***********ch.in"
}Create supplier beneficiary (IMPS example):
POST /beneficiaries/payment-methods/
{
"gateway_id": 421,
"nickname": "India Pharma Supplier",
"customer_id": "uuid",
"currency": "INR",
"payment_data": {
"beneficiary_name": "Mumbai Pharma Ltd",
"beneficiary_account": "0123456789",
"ifsc_code": "HDFC0001234",
"beneficiary_email": "ac******@**********ma.in"
}
}Initiate the payout (from USD):
POST /wallet/payout
{
"debit_wallet": "USD",
"amount": 5000,
"payment_method_id": 24,
"customer_id": "uuid"
}Or fund from local currency (CLP):
{
"debit_wallet": "CLP",
"amount": 4500000,
"payment_method_id": 24,
"customer_id": "uuid"
}Choosing the Right Payment Rail
| UPI | IMPS | SWIFT | |
| Settlement speed | Instant | Instant | 1-3 days |
| Required info | UPI ID or mobile | Account + IFSC | Account + SWIFT/BIC |
| Best for | Small-mid suppliers | Established B2B | Large enterprises |
| Availability | 24/7 | 24/7 | Business hours |
| Supplier preference | Very high | High | Moderate |
Best Practices
Ask your supplier which method they prefer before your first payment. Most Indian suppliers will tell you their UPI ID or IMPS details without hesitation. This avoids failed payments and delays.
Use UPI for IT and service suppliers. Indian IT freelancers and small service businesses overwhelmingly prefer UPI. It is instant and the INR lands in their account within seconds.
Use IMPS for larger B2B transactions. For manufacturing suppliers, pharma companies, and established businesses, IMPS is more appropriate and provides a clear bank record on both sides.
Fund from USD/stablecoin wallet for fastest settlement. Payments funded from a USD balance skip the local currency conversion step, reducing both time and cost.
Save beneficiary details once per supplier. Reusable payment methods eliminate re-entry errors and speed up recurring payments.
Frequently Asked Questions
What payment methods does Yativo support for paying Indian suppliers?
Yativo supports UPI (via UPI ID or mobile number), IMPS (via bank account and IFSC code), and SWIFT (INR or USD) for paying suppliers in India.
What is UPI and why do Indian suppliers prefer it?
UPI (Unified Payments Interface) is India’s real-time payment system, processing over 640 million transactions daily. It delivers funds instantly to any Indian bank account via a UPI ID or mobile number.
What is IMPS and when should I use it?
IMPS is India’s 24/7 real-time bank-to-bank transfer system. Use it when your supplier provides their bank account number and IFSC code rather than a UPI ID. It is commonly preferred for larger B2B supplier payments.
Does my Indian supplier need to do anything special to receive payment?
No. Your supplier receives INR in their normal bank account via their preferred local rail. They do not need a crypto wallet or any knowledge of stablecoins.
How long does it take for funds to arrive?
UPI and IMPS payouts are typically instant or near-instant once the stablecoin settlement reaches the local payout partner. SWIFT payouts take 1-3 business days.
What currencies can I fund payments from?
Yativo supports CLP, USD, MXN, and other supported local currencies. Funding from USD/stablecoin is fastest as it skips the local currency conversion step.
Start Paying Your Indian Suppliers Today
India’s bilateral trade with Latin America rose to $39.21 billion in FY 2024-25, and the trajectory is upward. Indian pharmaceuticals, IT services, engineering goods, and chemicals are embedded in Latin American supply chains.
Yativo gives you UPI, IMPS, and SWIFT payout rails for India, with stablecoin-powered settlement, transparent FX, and a full API for platforms automating at scale.
Contact sales to set up your first India payout corridor.