TerraPay and NPCI Collaborate for Merchant Payments via UPI Compatible QR Codes
/ — As part of a strategic initiative to further strengthen its cross-border payment solutions, TerraPay, one of the world’s leading payment infrastructure groups, today announced its partnership with NPCI International Payments Limited (NIPL ), the international arm of National Payments Corporation of India (NPCI). This association with NIPL will enable Indian customers and merchants in India with an active Unified Payment Interface (UPI) ID to make and accept cross-border payments seamlessly by leveraging TerraPay’s agile infrastructure. and the UPI network.
As part of this planned collaboration, the two companies will work together to enable Indian customers with active UPI credentials (350 million bank accounts) to be able to transact at TerraPay-enabled QR sites around the world.
Together, the two companies intend to strengthen UPI payments and QR solutions to extract their maximum potential. The partnership will further increase the use of UPI and QR for cross-border merchant payments. This initiative will accelerate the use of UPI applications in different geographies, further enhancing the digital drive for cashless transactions. Additionally, since UPI payments and QR transactions are initiated by the customer with two-factor authentication, it adds an element of non-repudiation and therefore greatly reduces disputes and grievance issues. With this collaboration, TerraPay aims to strengthen interoperability between the various financial instruments it powers and bring marginalized or underserved communities into the mainstream of digital payments.
Unified Payments Interface is an instant real-time (RTP) payments system developed by National Payments Corporation of India. It is among the most successful RTP systems in the world, providing simplicity, safety and security in person-to-person (P2P) and person-to-merchant (P2M) transactions in India. In 2021, UPI enabled trade worth 940 billion (~39 billion transactions). In August 2022 alone, the transaction volume exceeded 6.56 billion.
Globally, TerraPay processes payments to over 4.5 billion bank accounts and over 1.5 billion mobile wallets. With the vision to foster financial inclusion, residents, POIs and the Indian diaspora will be able to send money to India using TerraPay’s agile, transparent and real-time payment highway.
Explaining why this partnership is essential to the vision of a cashless world, Ritesh Pai, President-Products and Solutions, TerraPay said, “Our ambition and goal is to collaborate and develop faster, more innovative and transparent. The effort is for the purpose of laying the foundations for a new reality. We will act as an enabler, whether enabling interoperability between systems or countries by bringing ubiquity, convenience, scale, transparency and affordability. Our partnership with NIPL is one such solid step to make cross-border payments immediate, cost-effective, accessible to everyone and settled in a secure medium, thus adding value to the global payments ecosystem.”
Mr. Anubhav Sharma, Head of International Business – Partnership, Business Development and Marketing, commented, “At NIPL, we aim to bring the solutions that NPCI has built and established in India to international markets and build a global payment system. truly interoperable with other participants. We are actively working with partners around the world to build partnerships in the areas of acceptance and cross-border money transfers. Through this strategic partnership with TerraPay, we seek to enhance the value proposition to the customer and to offer user-friendly and convenient transaction alternatives to consumers, on a global scale.”
Based in the UK, TerraPay believes that the smallest payment deserves borderless travel that’s as safe as the biggest. The company has built an ever-expanding payments highway that enables businesses to create seamless customer experiences with uninterrupted, secure, real-time global passage for every payment, no matter how small or large. Licensed and approved in 26 global markets, TerraPay companies are a leading global partner for banks, mobile wallets, money transfer operators, merchants and financial institutions, creating a broader and more international financial ecosystem. inclusive. With access to a payment infrastructure that spans the globe, their partners become beacons of the promise of global financial inclusion.
For more details visit terrapay.com
About the NIPL
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI). As an international branch of NPCI, NIPL is dedicated to deploying the Unified Payment Interface (UPI) of NPCI’s successful indigenous real-time payment system and RuPay card system, outside India. . NPCI has successfully developed and proven its products and technological capabilities in the domestic market by transforming the payments segment in India. Conversely, several countries wish to establish a “real-time payment system” or a “domestic card system” in their own country. NIPL, with its knowledge and experience, can offer these countries technology assistance through licensing, consultancy in building real-time payment systems to meet the rapidly changing needs of fast-growing global businesses. NIPL is focused on transforming payments across the globe through the use of technology and innovation. This will not only pay for Indians but also elevate other countries by improving their payment capabilities through technology assistance, consultancy and infrastructure.
For more details visit www.npci.org.in
Media Contact: Anwesha Mukherjee [email protected]
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