With the National Payments Corporation of India (NPCI) leading the charge to take the Unified Payments Interface (UPI) globally, India has the opportunity to define the global standards for interoperable payments, says Sameer Nigam, founder and chief executive officer, PhonePe. "India’s role in the global market will depend on how UPI is allowed to scale internationally with interoperability and our regulator’s stance on the merchant discount rate," he said during a panel discussion at the Internet and Mobile Association of India's 15th Digital Money 2020 conference on December 1. While the NPCI had set up NPCI International Payments Ltd in August this year, several domestic payments companies are also looking at expanding internationally. PhonePe wanted to expand to 2-3 foreign markets this year and though the timing seemed right at the time, the pandemic struck and deferred these plans, Nigam said. "We absolutely want to go international next year but I don’t think we can distract ourselves from this market. We are really waiting for UPI to go international because of the interoperability aspect. I think globally interoperability standards will emerge over the next 5-10 years especially around remittance," he said. Nigam added that he is curious to see how the New Umbrella Entity (NUE) plays out, since it requires interoperability of a new network with UPI or NPCI. "There are two ways this plays out; either the standard becomes public or the code becomes public. If the UPI model is almost operating like public code repositories then the global…
- Indian Govt to come up with Search and Seizure Guidelines by December 14: Supreme Court December 6, 2023
- Uttar Pradesh Government begins process to use Drones to Monitor MNREGS Sites December 6, 2023
- Meta and IBM Forge ‘AI Alliance’ With 50 Members Focusing On Open Innovation in Artificial Intelligence December 6, 2023
- Delhi Govt notifies Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023 December 6, 2023
- Post Office Bill 2023 passed in Rajya Sabha: Here are the major privacy concerns raised by MPs December 5, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...