Money & Banking

NPCI launches wholly-owned subsidiary to co-create payment technologies with other countries

Our Bureau. Mumbai | Updated on August 19, 2020

The National Payments Corporation of India (NPCI), on Wednesday, announced the launch of its wholly-owned subsidiary, NPCI International Payments Limited (NIPL), to popularise domestic payments technologies such as UPI and RuPay abroad and co-create payment technologies with other countries.

“NIPL is tasked with the responsibility of exporting NPCI’s indigenously developed offerings and technological acumen to foreign markets. The primary focus of NIPL would be internationalisation of RuPay and UPI, along with a few more offerings of NPCI,” NPCI said in a statement.

Several nations have displayed an interest in establishing a ‘real-time payment system’ or ‘domestic card scheme’ inspired by NPCI’s innovations, it further noted.

“The growth and evolution of NIPL will result in a huge acceptance network for RuPay and UPI, which, in turn, will empower Indian travellers avail homegrown payment channels,” NIPL further said.

NPCI has appointed Ritesh Shukla as Chief Executive Officer of NIPL. He would be supported by Anubhav Sharma, Head International Business, Partnership, Business Development and Marketing, and Rina Penkar, Head International Business, Product Development.

“It is a matter of pride for NPCI that several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations,” said Dilip Asbe, CEO, NPCI.

Published on August 19, 2020

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