NPCI International and PPRO, two leading digital payment infrastructure providers, have joined forces to make e-commerce payments hassle-free for Indian consumers worldwide. The agreement focuses on expanding acceptance of the RuPay card and Unified Payments Interface (UPI) across PPRO’s global clients, including payment service providers (PSPs) and global merchant acquirers. This partnership removes complexity and increases efficiency for international PSPs and merchants looking to sell cross-border into India on a large scale.
The partnership aims to empower global PSPs, banks, payment gateways, and enterprises with payment platforms to expand globally, giving international e-commerce merchants access to Indian consumers. For consumers, this means they can seamlessly make cross-border purchases in Indian Rupees using their preferred payment method.
UPI, India’s most popular instant payment system, already processes 60% of all domestic payments in India and 40% of instant payments processed globally. The platform has over 325 million active users, and supports 390 banks and 100 third-party apps with complete interoperability. In March 2023 alone, UPI processed over 8.7 billion transactions, the highest since its launch.
With this partnership, international payment service providers and their merchants can easily tap into an e-commerce market that is expected to reach an estimated $111 billion next year, and predicted to almost double to $200 billion by 2026. By integrating UPI into PPRO’s digital payments infrastructure through a single connection, they have removed all the operational complexity for their partners to sell cross-border into India at scale.
Mr. Simon Black, CEO of PPRO, said, “By partnering with NIPL, we have removed all the operational complexity for our partners to sell cross-border into India at scale.” He added, “International payment service providers and their merchants can now easily tap into an e-commerce market that is expected to reach an estimated $111 billion next year, and predicted to almost double to $200 billion by 2026.”
Mr. Ritesh Shukla, CEO of NIPL, said, “UPI has revolutionized the digital payments landscape in India and is respected globally for its role in simplifying and democratizing payments. Indian consumers will now be able to shop online with merchants around the world and pay safely and easily using UPI.”
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of the National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted to the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Domestic Card Scheme – RuPay, outside of India. PPRO, on the other hand, provides digital payments infrastructure to businesses and banks so that they can scale their checkout, acquiring, and risk services through one connection.
This partnership between NPCI International and PPRO has not only uplifted payment capabilities for Indians but also enhanced payment capabilities for other countries. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL is focused on transforming payments across the globe with the use of technology and innovation.
In conclusion, this partnership is a step towards transforming the digital payments landscape by making cross-border e-commerce payments easier for Indian consumers worldwide. With UPI’s success in India, this partnership opens up opportunities for international merchants and PSPs to tap into a vast e-commerce market. It is a win-win for both sides, enabling international merchants to expand their reach into India and giving Indian consumers a hassle-free payment experience while shopping globally.
