Simon Black, CEO of PPRO (left) and Ritesh Shukla, CEO of NIPL (proper)
UPI is taken into account as India’s hottest on the spot cost system, already processing 60% of all home funds in India and 40% of on the spot funds processed globally.
NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), on Thursday introduced that it has executed a definitive settlement confirming the partnership with main digital funds infrastructure supplier PPRO.
The settlement is geared toward increasing RuPay card and UPI acceptance throughout PPRO’s international purchasers resembling cost service suppliers (PSPs) and international service provider acquirers. This affiliation will drive NIPL’s continued enlargement into overseas markets and can add India to PPRO’s Local Payment Method (LPM) protection map.
Benefit For Indian Consumers
The partnership between NIPL and PPRO will empower the worldwide PSPs, Banks, cost gateways, and enterprises with cost platforms to increase globally giving worldwide e-commerce retailers entry to Indian customers. For customers, this implies they will seamlessly make cross border purchases in Indian Rupees utilizing the cost technique.
Simon Black, CEO-PPRO, mentioned, “International payment service providers and their merchants can now easily tap into an e-commerce market that is expected to reach an estimated $111 billion next year, and predicted to almost double to $200 billion by 2026. By integrating UPI into PPRO’s digital payments infrastructure through a single connection, we have removed all the operational complexity for our partners to sell cross-border into India at scale.”
Ritesh Shukla, CEO-NIPL, mentioned, “UPI has revolutionised the digital payments landscape in India and is respected globally for its role in simplifying and democratising payments. By partnering with PPRO, a market leader in the payments infrastructure space, which powers a vast PSP and merchant network, Indian consumers will now be able to shop online with merchants around the world and pay safely and easily using UPI.”
Launched in 2016, UPI is taken into account as India’s hottest on the spot cost system, already processing 60% of all home funds in India and 40% of on the spot funds processed globally.
UPI as a platform has over 325 million lively customers, and helps 390 banks and 100 third-party apps with full interoperability. In March 2023 alone, UPI processed over 8.7 billion transactions, the best since its launch.
NPCI International Payments Limited (NIPL) was included in 2020 as an entirely owned subsidiary of NPCI.
As the worldwide arm of NPCI, NIPL is tasked to the deployment of NPCI’s indigenous, profitable Real-Time Payment System – Unified Payments Interface (UPI) and Domestic Card Scheme – RuPay, exterior of India.
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