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NPCI launches subsidiary to take RuPay, UPI abroad

payments, digital payments

National Payments of Corporation of India (NPCI) has launched NPCI International Payments Limited (NIPL), a wholly owned subsidiary firm that will take NPCI’s products such as UPI and RuPay abroad. The aim of the project is to create global acceptance for RuPay and UPI, and to introduce digital payments in other nations.

NIPL will be led by Ritesh Shukla as its CEO. He had earlier worked at Mastercard in the Middle East where he was in charge of account management and business development. He has also worked with Visa in the past along with Alxis Bank, SBI and HDFC wherein he primarily looked at their credit card offerings.

The core team is rounded off by Anubhav Sharma, is the head of international business (partnership, business development and marketing) and Rina Penkar, the head of international business (product development).

Penkar, as per her LinkedIn profile, has worked at NPCI for almost ten years and is currently their associate vice president and looks at “system design and testing to support overall Card Payments Operations”. Sharma had worked on UPI, BHIM and IMPS at NPCI for seven years before heading UPI and IMPS projects at NPCI for almost a year. He will move to NIPL from Paytm Payments Bank where he was the vice president of business finance for three months.

It is not clear which country NIPL will expand to first and if BHIM is one of the NPCI products that will be exported. We have reached out to NPCI for more details.

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NPCI had earlier taken RuPay, BHIM to Singapore

In June 2018, RuPay card was launched in Singapore and NPCI had entered a partnership with Singapore’s domestic payment system operator Network for Electronic Transfers (NETS) to enable cross-border payment linkage between Singapore’s PayNow and India’s IMPS.

A year later, in November 2019, NPCI had demonstrated how to use BHIM UPI in Singapore. Once the project was to be fully implemented, anyone with a BHIM UPI would have been able to make transactions at a NETS terminals by scanning a QR code. The current status of the project is not known, and we have reached out to NPCI for more information.

RuPay cards, according to its official website, are already accepted at all points of sale that accept Discover, Diners Club International, JCB, Union Pay and Pulse. “RuPay Global card with Discover, Diners & Pulse Network logos is accepted at over 39.3 million POS locations and over 1.88 million ATM locations in 185 countries/territories worldwide.”

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