Mumbai, NFAPost: Showcasing the capability of Indian digital payment capability, National Payments Corporation of India (NPCI) has decided to extend its services to reach out the Global platform.
NPCI which regulates and facilitates digital payment activities in the Indian economy like the RuPay cards and the UPI transaction system has formed an international wing, NPCI International Payments Limited (NIPL).
The move comes at a time Indian financial and digital landscape is going through a transformational phase with large scale penetration of internet and mobile phone. Also, India has build financial tech and payment startup ecosystem to fuel its growth.
Payment platform
The announcement comes a day after the Reserve Bank of India (RBI) came out with guidelines for creation of other payment platforms with a view to de-risk the system.
According to sources privy to the development, NIPL has been tasked with exporting NPCI’s indigenously developed offerings and technological acumen to foreign markets. This move will give focus for the internationalisation of the RuPay and UPI (unified payment interface) platform.
NPCI said its platforms have been cost-effective, secure, convenient and instantaneous and several nations have displayed an inclination towards establishing a ‘real-time payment system’ or ‘domestic card scheme’.
According to Arvian Consulting, NPCI’s proven track record by setting up infrastructure and software layering around India’s digital financial service delivery is immense.
“It was a reality that about a decade ago, the digital payments ecosystem in India was still in its infancy. During that period cash was the undisputed king. The formation of NPCI, a not-for-profit organisation, facilitated digital payments, build the necessary infrastructure and popularise the medium across the country,” said an analyst with Arvian Research.
Joining competition
Amid its fast growth, NPCI has expanded its business horizon by managing or supporting UPI, FASTags, NEFT, BHIM, Aadhaar-enabled payments, IMPS, ATM transactions and the RuPay card. Now it is an undisputed leader in the fintech space along with other players like PayTM, PhonePe, Google Pay, Amazon Pay and Freecharge among others.
“It is a right model for several countries such as Asia, Africa and the Middle East to emulate and deploy for their citizen benefits. These countries have displayed interest in replicating our model in their own nations,” NPCI Managing Director and Chief Executive Officer Dilip Asbe said.
NPCI, which is owned by local lenders, has appointed Ritesh Shukla as the chief executive of NIPL, it said adding that he joins from rival Mastercard’s Middle East and North Africa (MENA) team.
National Payments Corporation of India which regulates and facilitates digital payment activities in the Indian economy, has expressed plans to extend its services to reach out the Global platform. Most commonly associated with the RuPay cards and the UPI transaction system, the NPCI launched its international wing, NPCI International Payments Limited (NIPL).
The services Highlights:
The announcement comes a day after the Reserve Bank of India (RBI) came out with guidelines for creation of other payment platforms with a view to de-risk the system.
NIPL has been tasked with exporting NPCI’s indigenously developed offerings and technological acumen to foreign markets and its focus will be the internationalisation of the RuPay and UPI (unified payment interface) platform, an official statement said.
NPCI said its platforms have been cost-effective, secure, convenient and instantaneous and several nations have displayed an inclination towards establishing a ‘real-time payment system’ or ‘domestic card scheme’.
Several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations, NPCI Managing Director and Chief Executive Officer Dilip Asbe said.
NPCI, which is owned by local lenders, has appointed Ritesh Shukla as the chief executive of NIPL, it said adding that he joins from rival Mastercard’s Middle East and North Africa (MENA) team.
He will be supported by Anubhav Sharma, head of international business for partnership, business development and marketing, and Rina Penkar, head of international business for product development, in NIPL’s core team, as per the statement.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-2932139262363797&output=html&h=280&slotname=8716001450&adk=2179207030&adf=1369401943&w=835&fwrn=4&fwrnh=100&lmt=1598243164&rafmt=1&psa=1&guci=2.2.0.0.2.2.0.0&format=835×280&url=https%3A%2F%2Fvarindia.com%2Fnews%2Fupi-and-rupay-services-to-go-global&flash=0&fwr=0&fwrattr=true&rpe=1&resp_fmts=3&wgl=1&adsid=ChEI8KeI-gUQirjikcT8lr3_ARJMAINwtxkQBzoyhs5ln1PriU1erSrF1JRbXtGUtqITxU2WRVPVwPss1hqMWKqGrazOVOEXdk2OyaNYb4MhG7mna2sdGO27SAo_xaO5Tg&dt=1598243162531&bpp=50&bdt=326&idt=1620&shv=r20200818&cbv=r20190131&ptt=9&saldr=aa&abxe=1&cookie=ID%3De16bf73f71e426d4-22f9288423c20051%3AT%3D1592526303%3ART%3D1592526303%3AS%3DALNI_MZ_HkG0nYK7JbDj6JRL17LK9xZM6g&prev_fmts=0x0&nras=1&correlator=8591626801461&frm=20&pv=1&ga_vid=826426459.1585981550&ga_sid=1598243164&ga_hid=1047802400&ga_fc=0&iag=0&icsg=2251980202323456&dssz=46&mdo=0&mso=0&u_tz=330&u_his=1&u_java=0&u_h=900&u_w=1440&u_ah=833&u_aw=1440&u_cd=24&u_nplug=3&u_nmime=4&adx=157&ady=1190&biw=1440&bih=652&scr_x=0&scr_y=0&eid=21066124%2C21066647&oid=3&pvsid=1596333952130978&pem=13&ref=https%3A%2F%2Fvarindia.com%2F&rx=0&eae=0&fc=1920&brdim=0%2C23%2C0%2C23%2C1440%2C23%2C1440%2C812%2C1440%2C652&vis=1&rsz=%7C%7CeEbr%7C&abl=CS&pfx=0&fu=8320&bc=31&jar=2020-08-23-17&ifi=1&uci=a!1&btvi=1&fsb=1&xpc=NQ5bu4VJKt&p=https%3A//varindia.com&dtd=1657
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Bengaluru, NFAPost: National Payments Corporation of India which regulates and facilitates digital payment activities in the Indian economy, has expressed plans to extend its services to reach out the Global platform. Most commonly associated with the RuPay cards and the UPI transaction system, the NPCI launched its international wing, NPCI International Payments Limited (NIPL).
The services Highlights:
The announcement comes a day after the Reserve Bank of India (RBI) came out with guidelines for creation of other payment platforms with a view to de-risk the system.
NIPL has been tasked with exporting NPCI’s indigenously developed offerings and technological acumen to foreign markets and its focus will be the internationalisation of the RuPay and UPI (unified payment interface) platform, an official statement said.
NPCI said its platforms have been cost-effective, secure, convenient and instantaneous and several nations have displayed an inclination towards establishing a ‘real-time payment system’ or ‘domestic card scheme’.
Several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations, NPCI Managing Director and Chief Executive Officer Dilip Asbe said.
NPCI, which is owned by local lenders, has appointed Ritesh Shukla as the chief executive of NIPL, it said adding that he joins from rival Mastercard’s Middle East and North Africa (MENA) team.
He will be supported by Anubhav Sharma, head of international business for partnership, business development and marketing, and Rina Penkar, head of international business for product development, in NIPL’s core team, as per the statement.
