TerraPay, NPCI International partner to enable real-time, international payments
- IBEF
- January 28, 2022
On Thursday, the National Payments Corporation of India (NPCI) announced that its international payments arm, NPCI International Payments Limited (NIPL), had signed a memorandum of understanding with TerraPay, a Netherlands-based global payments infrastructure company, to allow Indians with an active UPI ID to receive real-time, international payments into their bank accounts using TerraPay's secure payments technology.
NIPL partnered with Western Union in December of last year to provide real-time bank account payouts in India.
"India receives approximately US$ 80 billion in cross-border remittances each year, making it the world's largest recipient. This collaboration with TerraPay aims to make cross-border remittances as simple and convenient as possible, thanks to the UPI platform's best-in-class real-time capabilities. At NIPL, we are constantly striving to improve the lives of consumers through digital payments, and we feel that this relationship is a step in the right direction. We will work together to provide a seamless user experience and expand our large user base so that instant money transactions may be received more safely and quickly," said Ritesh Shukla, CEO of NIPL.
According to NPCI data, UPI processed 38.74 billion transactions worth $954.58 billion in calendar year 2021. According to NPCI, the collaboration between NIPL and TerraPay will enable UPI users to take advantage of TerraPay's agile interoperable payments infrastructure to accept payments on a fully regulated, secure, scalable, and efficient channel.
TerraPay processes payments into over 4.5 billion bank accounts and 1.5 billion mobile wallets throughout the world. Terrapay will allow Indian residents, PIOs, and Indian diaspora to send money to India.
"India is a key market for TerraPay, and our partnership with NIPL exemplifies our mission to build a financially inclusive ecosystem," TerraPay's founder and CEO, Ambar Sur, stated, "This agreement will allow us to develop and optimise our payment capabilities, as well as open up the Indian market for our global partner networks."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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