The National Payments Corporation of India (NPCI) launched its international arm. Unified Payments Interface (UPI) and card payment network RuPay decided to expand its real-time payment in other countries. An official statement said that, “NIPL is tasked with the responsibility of exporting NPCI’s indigeneously developed offerings and technological acumen to foreign markets, thereby revolutionizing the global payments landscape. The primary focus of NIPL would be internationalization of RuPay and UPI, along with a few more offerings of NPCI”.
NPCI’s expansion plans have been on the edge since last year. They formed a new entity namely- NCPI International Payments Ltd. This formation is the first definitive step taken by the umbrella entity for retail payments to mark the impending foray. The setup of the new unit is also launched at such a time when the use of online payments is the most.
Dilip Asbe, managing director of NPCI in a statement said that several countries in Asia, Africa and the Middle East have displayed their interets towards NPCI’s payment models in their own jurisdiction. He also said, “We are glad to launch our subsidiary – NIPL to take our unique payment system to global markets.” MasterCard’s former head, Ritesh Shukla who is now the CEO of NPCI, will be heading the subsidiary in the Middle East and Africa regions.
Singapore and UAE have marked the presence of UPI and RuPay. The growing popularity of UPI can be attributed to its simple, safe, cost-effective ad mobile based payment system. RuPay was launched 6 years ago to promote the use of electronic payments as well as to expand the idea of financial inclusion. The Prime Minister’s flagship scheme for financial inclusion–Jan Dhan Yojana–gave impetus to the payment scheme as RuPay debit cards were issued to every account opened under the scheme. However, one of the major limitations of RuPay card was its limited international presence, which has now been resolved and thus is expecting enormous growth.
NEWS REPORTED BY:
VRIDHI BHAGNARI.
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