NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), on Thursday announced that it has executed a definitive agreement confirming the partnership with leading digital payments infrastructure provider PPRO.
The agreement is aimed at expanding RuPay card and UPI acceptance across PPRO’s global clients such as payment service providers (PSPs) and global merchant acquirers. This association will drive NIPL’s continued expansion into foreign markets and will add India to PPRO’s Local Payment Method (LPM) coverage map.
Benefit For Indian Consumers
The partnership between NIPL and PPRO will empower the global PSPs, Banks, payment gateways, and enterprises with payment platforms to expand globally giving international e-commerce merchants access to Indian consumers. For consumers, this means they can seamlessly make cross border purchases in Indian Rupees using the payment method.
Simon Black, CEO-PPRO, said, “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, said, “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 considered as India’s most popular instant payment system, already processing 60% of all domestic payments in India and 40% of instant payments processed globally.
UPI as a platform has over 325 million active users, and supports 390 banks and 100 third-party apps with complete interoperability. In March 2023 alone, UPI processed over 8.7 billion transactions, the highest since its launch.
NPCI International Payments Limited (NIPL) was incorporated in 2020 as a wholly owned subsidiary of NPCI.
As the international arm of NPCI, NIPL is tasked to the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Domestic Card Scheme – RuPay, outside of India.