UPI and RuPay Services to go Global
By MYBRANDBOOK
National Payments Corporation of India which regulates and facilitates digital payment activities in the Indian economy, has expressed plans to extend its services to reach out the Global platform. Most commonly associated with the RuPay cards and the UPI transaction system, the NPCI launched its international wing, NPCI International Payments Limited (NIPL).
The services Highlights:
The announcement comes a day after the Reserve Bank of India (RBI) came out with guidelines for creation of other payment platforms with a view to de-risk the system.
NIPL has been tasked with exporting NPCI's indigenously developed offerings and technological acumen to foreign markets and its focus will be the internationalisation of the RuPay and UPI (unified payment interface) platform, an official statement said.
NPCI said its platforms have been cost-effective, secure, convenient and instantaneous and several nations have displayed an inclination towards establishing a 'real-time payment system' or 'domestic card scheme'.
Several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations, NPCI Managing Director and Chief Executive Officer Dilip Asbe said.
NPCI, which is owned by local lenders, has appointed Ritesh Shukla as the chief executive of NIPL, it said adding that he joins from rival Mastercard's Middle East and North Africa (MENA) team.
He will be supported by Anubhav Sharma, head of international business for partnership, business development and marketing, and Rina Penkar, head of international business for product development, in NIPL's core team, as per the statement.
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