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

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 payment
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
anwesha@terrapay.com

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Source: TerraPay