PPRO's global clients, like as payment service providers (PSPs) and global merchant acquirers, will benefit from the arrangement, which aims to extend RuPay card and UPI acceptance. This agreement will help NIPL continue to expand into new markets and will expand PPRO's Local Payment Method (LPM) coverage map to include India.
Payment service providers, banks, gateways, and enterprises with payment platforms that rely on PPRO will be able to expand their platforms internationally and beyond borders, giving their merchants access to Indian consumers who conduct digital transactions using RuPay and UPI, thanks to the planned collaboration between NIPL and PPRO, the press release said.
More than a third of India's 777 million internet shoppers shop internationally, with over half of all transactions taking place in the United States and China 1. Allowing merchants in these and other countries to accept payments via RuPay card and UPI will dramatically expand consumer reach.
NPCI International is dedicated to the global adoption of RuPay and UPI. RuPay is India's first global card payment network, with more than 635 million cards issued to date. UPI is one of the most popular real-time payment (RTP) systems in the world, allowing users to transfer money in real time between various bank accounts without disclosing account information to the other party. By 2020, UPI will have facilitated USD 457 billion in commerce, equivalent to roughly 15% of India's GDP.