NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India, and PPRO, the world's leading provider of local payments infrastructure, have signed a memorandum of understanding (MOU) to collaborate on expanding and empowering international growth of India's digital payments ecosystem.
The agreement aims at expanding RuPay card and UPI acceptance across PPRO’s global clients such as payment service providers (PSPs) and global merchant acquirers. The collaboration between NIPL and PPRO will empower the payment service providers, banks, gateways, and enterprises with payment platforms that depend on PPRO to expand their platforms internationally and beyond borders, giving their merchants access to Indian consumers who perform digital transactions using RuPay and UPI.
“We believe this strategic collaboration with PPRO will result in a significant increase in online acceptance of RuPay Cards and UPI powered Apps, which in turn will empower Indian consumers to continue using their preferred payment modes hassle-free across the globe,” said Ritesh Shukla, CEO, NIPL.
More than a third of the 777 million Indian online consumers shop across borders, with nearly a half of all transactions taking place with online shops in the United States and China. Enabling merchants in these and many other countries to accept payments through RuPay card and UPI will increase consumer reach significantly.
“Expansion into India’s e-commerce market presents a huge growth opportunity for PPRO,” said Stefan Merz, Chief Strategy & Growth Officer at PPRO. “Our strategic partnership with NPCI International helps navigate through market intricacies and opens up the Indian market for our PSP partners and their global merchants, helping them to benefit from the high potential that the country has to offer.”
RuPay is the first-of-its-kind Global Card payment network from India with over 635 million cards issued to date. UPI is amongst the most successful real-time payments systems globally, allowing users to transfer money on a real-time basis, across multiple bank accounts without revealing details of one’s bank account to the other party.
In 2020, UPI enabled commerce worth USD 457 Billion, which is equivalent to approximately 15% of India’s GDP.