NPCI International Payments Limited, a subsidiary of National Payments Corporation of India entered into a strategic partnership with PPRO, the leading provider of digital payments infrastructure to enable global e-commerce payments through UPI. The agreement reached on April 27, expands the use of the RuPay card and UPI acceptance across global clients such as Payment service providers (PSPs) and global merchant acquirers.
This eliminates the need for merchants to establish a legal entity in India, make settlements to an India-based bank, or upload invoices to clear funds. Additionally, customers can make international purchases in Indian Rupees using their preferred payment option.
Upon signing the agreement, Simon Black, CEO at PPRO said, “International payment service providers and their merchants can now easily tap into an e-commerce market that is expected to reach an estimated US$111 billion next year, and predicted to almost double to US$200 billion by 2026. By integrating UPI into PPRO’s digital payments infrastructure through a single connection, we have removed all the operational complexity for our partners to sell cross-border into India at scale.”
Commenting on the development, Ritesh Shukla, CEO at NIPL said, “UPI has revolutionized the digital payments landscape in India and is respected globally for its role in simplifying and democratizing payments. By partnering with PPRO, a market leader in the payments infrastructure space, which powers a vast PSP and merchant network, Indian consumers will now be able to shop online with merchants around the world and pay safely and easily using UPI.”
UPI, India’s most widely used instant payment system, introduced in 2016, presently handles 60 percent of all domestic payments. It supports 390 banks, over 325 million active users, and 100 third-party apps within a single mobile application. The system processed more than 8.7 billion transactions in March 2023 alone, the highest since its launch.