The National Payments Corporation of India (NPCI) has created a new subsidiary to expand its business beyond India. Called the NPCI International Payments Limited (NIPL), the newly-formed entity will facilitate and co-create payment technologies with other countries, as well as help popularize Indian payments technologies, such as UPI and RuPay, abroad.
According to a press release, NIPL will be responsible for exporting NPCI’s “indigenously developed offerings and technological acumen” to foreign markets. The primary focus of the organization will be to take RuPay and UPI global before trying to do something similar with other NPCI services. NPCI has appointed Ritesh Shukla as the CEO of NIPL with the primary objective of driving profitability by deploying NPCI’s existing solutions in global markets.
“NPCI has achieved success at developing a robust payments system that is cost effective, secure, convenient and instantaneous. Several nations have displayed an inclination towards establishing a ‘real time payment system’ or ‘domestic card scheme’ inspired by the exemplary innovations by NPCI in the country”, said the agency.
According to NPCI officials, many developing nations have shown interest in establishing a real-time payments system on the lines of UPI. According to Dilip Asbe, the CEO of NPCI, “It is a matter of pride for NPCI that several regions such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations. The growth and evolution of NIPL will result in a huge acceptance network for RuPay and UPI, which, in turn, will empower Indian travelers”.