BackTerraPay, NPCI International partner to enable real-time, international payments
The partnership with TerraPay is aimed at enabling seamless and convenient cross-border remittances experience powered by UPI platform’s best in class real-time capabilities
PremiumNational Payments Corporation of India (NPCI) on Thursday said its international payments arm NPCI International Payments Limited (NIPL) has signed a memorandum of understanding with TerraPay, Netherlands-based global payments infrastructure company to allow Indians with an active UPI ID to receive real-time, international payments into their bank accounts via TerraPay’s secure payments technology.
In December last year, NIPL had tied up Western Union to enable real-time bank account payout in India.
“India is the largest recipient of cross-border remittances, receiving over US$ 80 Billion per annum. This partnership with TerraPay is aimed at enabling seamless and convenient cross-border remittances experience powered by UPI platform’s best in class real-time capabilities. At NIPL, It’s our constant endeavour to add value to the lives of consumers in the area of digital payments and we believe this partnership is a step forward in that direction. We will together, deliver a seamless user experience and grow our extensive user base to receive instant money transfers more securely and swiftly," Ritesh Shukla, CEO, NIPL.
As per data provided by NPCI, in the calendar year 2021, UPI recorded 38.74 billion transactions, worth $954.58 billion. Collaboration between NIPL and TerraPay is expected to further empower UPI users to leverage TerraPay’s agile interoperable payments infrastructure to receive payments on a fully regulated, secure, scalable and efficient channel, NPCI said in its statement.
Globally, TerraPay processes payouts into over 4.5 billion bank accounts and more than 1.5 billion mobile wallets. Indian residents, PIOs, Indian diaspora will be able to send money to India via Terrapay.
“India is a strategic market for TerraPay and our collaboration with NIPL is a true testament of our vision to create a financially inclusive ecosystem. This alliance will allow us to expand and optimize our payment capabilities, and open up the Indian market for our global partner networks." said Ambar Sur, founder and CEO, TerraPay.
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