Through this collaboration, Indian customers with active UPI IDs (350 million bank accounts) will 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," NPCI said in its statement.
UPI, an instant real-time payments (RTP) system developed by NPCI, is amongst the most successful RTP systems globally. In August 2022, the UPI transactions volume crossed 6.56 billion.
“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," said Anubhav Sharma, Head International Business - Partnership, Business Development and Marketing.
“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," the company’s official statement said.
Globally, TerraPay processes pay-outs into over 4.5 billion bank accounts and over 1.5 billion mobile wallets.
“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," said Ritesh Pai, President-Product & Solutions, TerraPay.
