Simon Black, CEO of PPRO (left) and Ritesh Shukla, CEO of NIPL (right)
UPI is considered the most popular instant payment system in India, already processing 60% of all domestic payments in India and 40% of instant payments processed globally.
NPCI International Payments Limited (NIPL), a wholly owned subsidiary of National Payments Corporation of India (NPCI), announced on Thursday that it has signed a definitive agreement confirming the partnership with leading digital payments infrastructure provider PPRO.
The agreement aims to expand RuPay card and UPI acceptance to PPRO’s global customers, such as payment service providers (PSPs) and global merchant acquirers. This association will drive NIPL’s continued expansion into overseas markets and add India to PPRO’s Local Payment Methods (LPM) coverage map.
Benefit for Indian consumers
The partnership between NIPL and PPRO will enable global PSPs, banks, payment gateways and businesses with payment platforms to scale globally by giving international e-commerce merchants access to Indian consumers. For consumers, this means they can easily make cross-border purchases in Indian rupees using the payment method.
Simon Black, CEO of PPRO, said: “Global payment service providers and their merchants can now easily access an e-commerce market that is expected to reach around $111 billion next year and is expected to nearly double to 200. billion by 2026. By integrating UPI into PPRO’s digital payments infrastructure through a single connection, we have removed all operational complexity for our partners to sell at scale in India.
Ritesh Shukla, CEO of NIPL, said, “UPI has revolutionized the digital payments landscape in India and is respected around the world for its role in simplifying and democratizing payments. By partnering with PPRO, a market leader in payment infrastructure, which powers an extensive network of PSPs and merchants, Indian consumers will now be able to shop online from merchants around the world and pay securely. safely and easily using UPI.
Launched in 2016, UPI is considered the most popular instant payment system in India, 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 applications with full 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 an international branch of NPCI, NIPL is responsible for the deployment of NPCI’s native and successful real-time payment system – Unified Payment Interface (UPI) and domestic card system – RuPay, outside India.
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