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FSS and NIPL Partner to Expand UPI Global Footprint

FSS and NIPL Partner to Expand UPI Global Footprint
Tuesday, April 27, 2021 4:55PM IST (11:25AM GMT)

Mumbai, Maharashtra, India:
FSS (Financial Software and Systems), a globally leading provider of integrated payment products and India’s largest payments processor, and NPCI International Payments Ltd (NIPL, International arm of National Payment Corporation of India), have signed a strategic partnership to expand UPI (Unified Payment Interface) rails in international markets.

India is among the first countries globally to launch real-time payments rails, processing close to three billion transactions a month on the UPI network. Several governments and regulators globally, and emerging markets, in particular, are keen on modelling NPCI’s success in building an interoperable, real-time payments infrastructure, supporting the long-term growth of the digital payments’ economy. ....

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UPI to process transactions worth 15% of India's GDP this year, says head of NPCI International

December 18, 2020
With over 175 million customers and 60 million merchants on the Unified Payments Interface (UPI), the platform is expected to process close to $425 billion (over ₹31 lakh crore) worth of transactions this year, which is equivalent to 15% of India’s Gross Domestic Product (GDP), said Ritesh Shukla, chief executive officer, NPCI International Payments Ltd. “When we launched UPI in 2017 we processed $8 billion worth of commerce on the platform, which is less than 1% of India’s GDP,” Shukla said while speaking on a panel discussion organised by Carnegie India.
In August this year, the National Payments Corporation of India (NPCI) set up a subsidiary, NPCI International, to export its flagship payments solutions UPI and RuPay cards. “We have started engaging with people overseas and the response has been very positive. We truly believe in the next couple of years we will be able to create something similar on the same lines of UPI globally,” Shuk ....

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