NPCI International Payments partners with PPRO to expand reach of RuPay and UPI:

NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), has signed a definitive agreement with PPRO, a global digital payments infrastructure provider, to expand the reach of RuPay cards and Unified Payments Interface (UPI). PPRO’s global clients include payment service providers (PSPs) and global merchant acquirers around the world.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Revolutionizing the digital payment landscape in India:

NIPL CEO Ritesh Shukla said in a statement that UPI has revolutionized the digital payments landscape in India, and by partnering with PPRO, Indian consumers will be able to shop online with merchants worldwide and pay safely and easily using UPI. The partnership will also drive NIPL’s expansion into foreign markets and add India to PPRO’s Local Payment Method (LPM) coverage map.

UPI’s impressive growth:

Launched in 2016, UPI is a popular instant payment system that processes 60% of all domestic payments in India and 40% of instant payments processed globally. UPI 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.

Empowering global PSPs and merchants:

The partnership between NIPL and PPRO will enable global PSPs, banks, payment gateways, and enterprises with payment platforms to expand globally and provide international e-commerce merchants with access to Indian consumers. This means consumers can seamlessly make cross-border purchases in Indian Rupees using their preferred payment method.

Tap into India’s booming e-commerce market:

PPRO CEO Simon Black said that international payment service providers and their merchants can now easily tap into an e-commerce market 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, he added, the partners have removed all operational complexity for selling cross-border into India at scale.

Global adoption of UPI accelerates:

The global adoption of UPI has accelerated in the past few months. In February, the Reserve Bank of India announced the UPI-PayNow linkage to facilitate swift cross-border remittances for residents of India and Singapore. The RBI and NPCI are also in early talks with Thailand, Sri Lanka, and other countries to extend the reach of UPI.

Also Read: Wholesale inflation continues downtrend, moderates to 1.34% in March

Find More News on Economy Here