London/India, 27th April 2023: NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), the organisation behind the world’s largest real-time payment solution, has today executed a definitive agreement confirming the partnership with leading digital payments infrastructure provider PPRO. The agreement aims at expanding RuPay card and UPI acceptance across PPRO’s global clients such as payment service providers (PSPs) and global merchant acquirers. This association will drive NIPL’s continued expansion into foreign markets and will add India to PPRO’s Local Payment Method (LPM) coverage map.
The partnership between NIPL and PPRO will empower the global PSPs, Banks, payment gateways, and enterprises with payment platforms to expand globally giving international e-commerce merchants access to Indian consumers. For consumers, this means they can seamlessly make cross-border purchases in Indian Rupees using their favourite payment method.
Launched in 2016, UPI is India’s most popular instant payment system, 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 apps with complete interoperability. In March 2023 alone, UPI processed over 8.7 billion transactions, the highest since its launch.
Speaking on the occasion, Mr. Simon Black, CEO-PPRO, said, “International payment service providers and their merchants can now easily tap into an e-commerce market that is expected to reach an estimated $111 billion next year, and predicted to almost double to $200 billion by 2026. By integrating UPI into PPRO’s digital payments infrastructure through a single connection, we have removed all the operational complexity for our partners to sell cross-border into India at scale.”
Speaking on the occasion, Mr. Ritesh Shukla, CEO-NIPL, said, “UPI has revolutionised the digital payments landscape in India and is respected globally for its role in simplifying and democratising payments. By partnering with PPRO, a market leader in the payments infrastructure space, which powers a vast PSP and merchant network, Indian consumers will now be able to shop online with merchants around the world and pay safely and easily using UPI.”
About NPCI International:
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020 as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted to the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Domestic Card Scheme – RuPay, outside of India. NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming the payment segment in India. Conversely, there are several countries that want to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL is focused on transforming payments across the globe with the use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities.
PPRO is a fintech company that provides digital payments infrastructure to businesses and banks so that they can scale their checkout, acquiring, and risk services through one connection.
Payment platforms, acquirers, and merchants that plug into PPRO’s infrastructure are able to access payment methods, fraud screening tools, and other essential products from multiple providers. Every product can be deployed and controlled with clicks, not code. And with the company’s orchestration layer directing process flows and data like clockwork, PPRO’s partners can rest easy knowing they’re delivering seamless end-to-end services to their customers.
Citi, PayPal, and Stripe are just some of the names that depend on PPRO to accelerate their roadmaps, boost their conversions, and eliminate the complexities of digital payments.