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India's UPI To Set Its Foot In International Market
India was one of the first countries in the world to introduce real-time payment rails, with the UPI network handling close to three billion transactions every month. NPCI's success in developing an interoperable, real-time payments system, which supports the long-term growth of the digital payments industry, has piqued the interest of many governments and regulators around the world, especially in emerging markets.
FSS (Financial Software and Systems), a global leader in integrated payment solutions and India's largest payments processor, and NPCI International Payments Ltd, have announced a strategic alliance to extend UPI rails in international markets.
Commenting on the partnership K. Srinivasan, COO, PayTech, FSS, stated: "Worldwide the drive towards real-time payments is gaining momentum, with many countries embarking on modernization of payments infrastructure to broad-base the benefits of the digital economy."
NPCI began by establishing partnerships with Discover Financial Services (DFS) in the United States, Japan Credit Bureau (JCB) in Japan, Union Pay International (UPI) in China, the Royal Monetary Authority (RMA) of Bhutan, and the Network for Electronic Transfers (NETS) in Singapore.
The National Payments Corporation of India founded NPCI International Payments Limited (NIPL) on April 3, 2020 as a wholly-owned subsidiary (NPCI). As NPCI's international arm, NIPL is focused on expanding the use of NPCI's popular Real-Time Payment System - Unified Payments Interface (UPI) - and Domestic Card Scheme - RuPay - outside of India.
UPI handled transactions worth $457 billion in 2020, which is equivalent to 15% of Indian GDP, and this feat was accomplished at a 285 percent CAGR. FSS - UPI Gateway currently connects several bank PSPs in India to the UPI central payments system and provides a variety of overlay services such as QR Payments, Split Payments, Request to Pay, Corporate Payments, AutoPay, as well as reconciliation and authentication to help banks monetize their real-time UPI infrastructure investments.
NIPL is developing a large RuPay and UPI acceptance network that will enable Indian travellers to pay in their destination country using these payment methods. With the growth and expansion of the NIPL network, any Indian travelling to any country in the world will be able to use our services.
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