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National Payments Corporation of India (NPCI) on Thursday said its international payments arm NPCI International Payments Limited (NIPL) has tied up with currency exchange major Western Union to enable real-time bank account payout in India.

NPCI in its statement said the two companies, which have signed a Memorandum of Understanding (MoU) to facilitate this offering, will work together over the next few months to enable bank account holders in India to receive cross-border money transfers instantly using UPI IDs.

“This strategic partnership will benefit millions of Indian citizens to seamlessly receive money from overseas. We at NIPL, constantly strive to create a robust and innovative payment infrastructure to create a superior customer experience. We are confident that this initiative will stand as a testimony to NIPL’s technological capabilities and vision of scaling their unique offerings globally," said Ritesh Shukla, CEO, NIPL.

NIPL was launched in August last year with an aim to export NPCI’s indigenously developed payments and tech offerings, RuPay and UPI being the primary focus, to foreign markets.

“Western Union’s account payout network enables payout into billions of accounts globally - these accounts are not just limited to bank accounts; it’s any consumer account globally, whether it be at a bank or even a mobile wallet or card," said Sohini Rajola, head - Middle East and Asia Pacific, Western Union. “We are excited to collaborate with NIPL, expanding and optimizing our account payout footprint and ultimately further strengthening our joint offering. India is a strategic market for Western Union and this collaboration is key to our efforts to expand real time payments solutions, expanding the breadth of our current offerings to ensure customers have all the options available to them to move money the way they prefer."

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