NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), has entered into a definitive agreement with PPRO, a global digital payments infrastructure provider, to expand the accessibility of RuPay cards and Unified Payments Interface (UPI). PPRO serves a wide range of global clients, including payment service providers (PSPs) and global merchant acquirers.
Transforming the digital payment landscape in India: Ritesh Shukla, CEO of NIPL, emphasized the significant impact of UPI on the digital payments landscape in India. Through the partnership with PPRO, Indian consumers will now have the opportunity to shop online with merchants worldwide and make secure and convenient payments using UPI. Additionally, this collaboration will facilitate NIPL’s expansion into foreign markets while incorporating India into PPRO’s Local Payment Method (LPM) coverage map.
The impressive growth of UPI: Since its launch in 2016, UPI has gained widespread popularity as an instant payment system, handling 60% of all domestic payments in India and 40% of global instant payments. Boasting over 325 million active users, UPI supports 390 banks and 100 third-party apps, offering complete interoperability. In March 2023 alone, UPI processed a record-breaking 8.7 billion transactions, marking the highest number since its inception.
Empowering global PSPs and merchants: The partnership between NIPL and PPRO will empower global PSPs, banks, payment gateways, and enterprises with payment platforms to expand their presence internationally. By gaining access to Indian consumers, international e-commerce merchants will be able to seamlessly accept cross-border purchases in Indian Rupees through their preferred payment methods.
Capitalizing on India’s thriving e-commerce market: Simon Black, CEO of PPRO, emphasized that international payment service providers and their merchants can now effortlessly tap into India’s booming e-commerce market, which is projected to reach approximately $111 billion next year and is expected to nearly double to $200 billion by 2026. The integration of UPI into PPRO’s digital payments infrastructure streamlines the process of selling cross-border into India at scale, removing operational complexities.
Accelerating global adoption of UPI: In recent months, the global adoption of UPI has gained momentum. The Reserve Bank of India announced in February the UPI-PayNow linkage to facilitate swift cross-border remittances for residents of India and Singapore. Furthermore, the RBI and NPCI are in preliminary discussions with countries such as Thailand, Sri Lanka, and others to extend the reach of UPI beyond national borders.
