NPCI has formed subsidiary for venturing into global markets. This announcement was revealed after a day the RBI gaved its guidelines for the creation of other payment platforms to de-risk the system.
On Wednesday, The National Payments Corporation of India (NPCI) has officially announced about the launch of a subsidiary for their international growth ambitions.
According to an official statement- “The subsidiary, NPCI International Payments Ltd (NIPL), will facilitate the body’s “ambition” of venturing into newer international markets and co-create payment systems with other nations.”
The announcement was made after the release of the Reserve Bank of India (RBI) guidelines about the creation of different payment platforms to de-risk the system.
NIPL has given the task of technological acumen to foreign markets and exporting NPCI’s indigenously developed offerings. There main focus will be the internationalisation of the RuPay and UPI platform.
An official revealed.”NPCI said its platforms have been cost-effective, secure, convenient and instantaneous and several nations have displayed an inclination towards establishing a ‘real-time payment system’ or ‘domestic card scheme’.”
According, to the NPCI Managing Director and Chief Executive Officer Dilip Asbe – Many countries like Asia, Africa, and the Middle East displayed their interest towards replicating our model in their own nations.
NPCI, is owned by local lenders. He has choosed Ritesh Shukla as the chief executive of NIPL. Further, he will be supported by Anubhav Sharma. As, he is the head of the international business for partnership, business development and marketing, and Rina Penkar, head of international business is assigned for the product development, in NIPL’s core team.
New facilities have been introduced under UPI 2.0, customers can enable recurring e-mandate using any kind of UPI application for recurring payments. Example- mobile bills, electricity bills, subscriptions, insurance, EMI payments, entertainment/OTT, mutual funds and loan payments, paying for transit/metro payments, among others – of up to Rs 2,000.
