PPRO and NIPL have signed an agreement to provide Indian customers with freedom from the hassle of global e-commerce payments. This partnership will empower PSP banks, payment gateways and enterprises globally.
NPCI’s International Payments Limited (NIPL), which regulates UPI in the country, has entered into a definitive agreement with digital payments infrastructure provider PPRO to ease Indian customers from hassle-free e-commerce payments globally. signed the agreement.
Target to increase RuPay card and UPI
NIPL and PPRO said in a joint statement that the agreement is aimed at expanding ‘Rupay Card’ and ‘UPI’ acceptance among PPRO’s global customers such as Payment Service Providers (PSPs) and global merchant acquirers.
This collaboration will facilitate NIPL’s continued expansion into overseas markets and add India to PPRO’s Local Payment Method (LPM) coverage, according to the statement.
Will empower payment gateways and enterprises
The partnership between NIPL and PPRO will empower global PSPs, banks, payment gateways and enterprises with payment platforms to expand globally, giving international e-commerce merchants access to Indian consumers.
Let us tell you that NIPL is a wholly owned subsidiary of National Payments Corporation of India ( NPCI ). Consumers can make seamless cross-border purchases in Indian Rupees using their preferred payment methods.
UPI was launched in 2016
Unified Payments Interface (UPI) is the most popular payment system in India. UPI accounts for 60 percent of domestic payments in India and processes 40 percent of payments globally. UPI was launched in India in the year 2016.
Record transaction in March
UPI has over 325 million active users and is supported by 390 banks and 100 third-party apps with full interoperability. After the launch in 2016, the highest transaction took place in the last month of March 2023. According to the data, more than 8.7 billion transactions were done through UPI in the month of March alone.
