NPCI began its journey way back in 2008 with one product and today it has various innovative and unique digital payment products in its portfolio. Today, NPCI has touched every layer of the society with one or the other products and doing exponentially well in domestic market. NPCI’s visionary management had foreseen this growth and identified need to expand its wings outside of India. It started with setting up of vision of ‘becoming best global payment network’, NPCI successfully established partnerships with Discover Financial Services (DFS) USA, Japan Credit Bureau (JCB) Japan, Union Pay International (UPI) China, Royal Monetary Authority (RMA) of Bhutan and Network for Electronic Transfers (NETS), Singapore.
However looking at the growth potential as well as scope in global market and NPCI’s capability of providing easy, cost-effective & secure payment services, NPCI board identified the need of dedicated resources allocation to international expansion and directed to establish separate entity dedicated for internationalization of RuPay & UPI. Hence, International Alliance team at NPCI which was working on international alliances for NPCI’s products became a separate entity with few more offerings.
In pursuance of NPCI Board & RBI approval, NPCI International Payments Limited (NIPL) has been incorporated (“Company”) on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI). NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.
NIPL is building huge acceptance network for RuPay and UPI which will help Indian travelers pay with these payment channels in destination country of travel. With the evolution and growth of NIPL network, any Indian travelling to any country across the globe will be able to use our products.
NPCI has successfully developed and proved its product and technological capabilities in domestic market by transforming payment segment in India. Conversely, there are several countries which want to establish a ‘real time payment system’ or ‘domestic card scheme’ in their own country. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real time payment system to meet the rapidly evolving need of fast growing global business.
NIPL is focused on transforming payments across the globe with use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities through technological assistance, consulting and infrastructure. These countries have potentials but lack in resources i.e. financial, technological etc. NIPL is ready to fill this gap with its rich experience and advance understanding of payments.