TerraPay, a Dutch payments infrastructure company has joined forces with India’s NPCI International Payments (NIPL) to facilitate cross-border transactions for Indian consumers and merchants. Indian consumers and merchants who have an active Unified Payments Interface Id (UPI Id) will be able to transfer money abroad. This service will utilize TerraPay’s infrastructure and the UPI network.
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Key Points related to TerraPay
- The UPI-enabled QR code-based service will allow Indian customers with active UPI IDs to make transactions through 350 million bank accounts across the globe.
- The firms seek to expand the use of UPI payments and QR for international transactions by merchants.
- The customer-initiative UPI payments and QR transactions require two-factor authentication.
- The two-factor authentication is capable of minimizing disputes and issues related to grievance redressal.
- TerraPay also expects to create interoperability among different financial instruments it drives as well as offer digital payments.
- UPI which is real-time payments (RTP) system developed by the National Payments Corporation of India.