TerraPay and NPCI International collaborate to drive seamless merchant payments via UPI-enabled QR codes




LONDON and MUMBAI, India , Sept. 22, 2022 /PRNewswire=KYODO JBN/ -


    In a strategic move to further strengthen its cross-border payment

solutions, TerraPay, a leading global payments infrastructure group today

announced its partnership with NPCI International Payments Limited (NIPL), the

International arm of National Payments Corporation of India (NPCI). This

association with NIPL will allow Indian customers and merchants in India with

an active Unified Payments Interface Id (UPI Id) to make and accept

cross-border payments seamlessly by leveraging TerraPay's agile infrastructure

and the UPI network.


    In this intended collaboration, both companies will work together to further

empower Indian customers with active UPI Ids (350 million bank accounts) to be

able to transact at QR locations enabled by TerraPay, globally.


    Together, both companies intend to fortify UPI payments & QR solutions to

extract their maximum potential. The partnership will further increase the use

of UPI and QR for cross-border merchant payments. This initiative will speed up

the usage of UPI apps across different geographies thereby further enhancing the

digital drive for cashless transactions. Furthermore, since UPI payments & QR

transactions are customer-initiated with a two-factor authentication it adds an

element of non-repudiation and hence drastically reduces disputes and grievance

redressal issues. With this collaboration, TerraPay is keen to build

interoperability among the various financial instruments that it powers and get

marginalized or underserved communities into the mainstream of digital payments.


    Unified Payments Interface is an instant real-time payments (RTP) system

developed by National Payments Corporation of India. It is amongst the most

successful RTP systems globally, providing - simplicity, safety, and security in

person-to-person (P2P) and person-to-merchant (P2M) transactions in India. In

2021, UPI enabled commerce worth 940Bn (~39Bn transactions). In August 2022

alone, the volume of transactions crossed 6.56Bn.


    Globally, TerraPay processes pay-outs into 4.5Bn+ bank accounts and 1.5Bn+

mobile wallets. With the vision to foster financial inclusion, residents, POIs,

and the Indian diaspora will be able to send money to India by using TerraPay's

agile, transparent and real-time payment highway.


    Sharing why this partnership is critical to the vision of a cashless world,

Ritesh Pai, President-Product & Solutions, TerraPay said, "Our ambition and aim

is to collaborate and develop faster, more innovative, and transparent

cross-border payment solutions. This effort is with an intent to establish the

foundation of a new reality. We will act as a catalyst whether it's enabling

interoperability between schemes or countries by bringing in ubiquity,

convenience, scale, transparency, and affordability. Our partnership with NIPL

is one such strong step to make cross-border payments, immediate,

cost-effective, accessible for all, and settled in a secure medium thus adding

value to the global payments ecosystem."


    Mr. Anubhav Sharma, Head International Business - Partnership, Business

Development & Marketing commented, "At NIPL, we are aiming to take the solutions

that NPCI has built and established in India to international markets and build

a truly interoperable global payments system with other participating nations.

We are actively engaging with partners across the world to build partnerships in

areas of cross-border acceptance and remittances. With this strategic

partnership with TerraPay, we are looking to enhance the overall customer value

proposition and provide user-friendly, convenient transaction alternatives to

consumers, globally."


    About TerraPay


    Headquartered in The United Kingdom, TerraPay believes that the smallest


deserves a borderless journey as safe as the largest. The company has been

building an ever-expanding payments highway that empowers businesses to create

transparent customer experiences with an uninterrupted, secure, and real-time

global passage for every payment, however small or large. Licensed and approved

across 26 global markets, TerraPay companies are a leading global partner to

banks, mobile wallets, money transfer operators, merchants, and financial

institutions, creating a more expansive and inclusive international financial

ecosystem. With access to a payments infrastructure that spans the globe, their

partners become beacons of the promise of global financial inclusion.


    For more details, visit terrapay.com [https://terrapay.com/]


    About NIPL


    NPCI International Payments Limited (NIPL) was incorporated on April 3,

2020, as

a wholly-owned subsidiary of National Payments Corporation of India (NPCI). As

the international arm of NPCI, NIPL is devoted to the deployment of NPCI's

indigenous, successful Real-Time Payment System - Unified Payments Interface

(UPI) and Card Scheme - RuPay, outside of India. NPCI has successfully developed

and proved its product and technological capabilities in the domestic market by

transforming the payment segment in India. Conversely, there are several

countries that 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 systems to meet the rapidly evolving needs of

fast-growing global businesses. NIPL is focused on transforming payments across

the globe with the 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.


    For more details, visit www.npci.org.in [https://www.npci.org.in/]


    Media Contact:

    Anwesha Mukherjee



    Logo: https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg

    Logo: https://mma.prnewswire.com/media/1905178/NPCI_Logo.jpg



    Source: TerraPay