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NPCI sets up subsidiary for global operations

National Payments Corporation of India (NPCI) has launched NPCI International Payments Limited, a wholly-owned subsidiary, tasked with the responsibility of introducing NPCI’s indigenously developed offerings and technological acumen in foreign markets. NPCI said the intention is to revolutionize the global payments landscape and the primary focus of the subsidiary would be the internationalization of RuPay and UPI, along with a few more offerings. A statement issued by NPCI said the organization has achieved the pinnacle of success at developing an exemplary robust payments system that is cost-effective, secure, convenient and instantaneous and several countries have displayed an inclination towards establishing a ‘real time payment system’ or ‘domestic card scheme’ inspired by the innovations by NPCI. Ritesh Shukla, who has been with Mastercard in the Middle East, will be the Chief Executive Officer of NIPL. To begin with he will formulate a business strategy, leading business development and driving profitability by deploying NPCI’s pre-existing technology and solutions in international markets. He has over 2 decades of overall experience in banking and payments space. He will be supported by Anubhav Sharma, who will be Head International Business – Partnership, Business Development & Marketing and Rina Penkar,
Head International Business – Product Development, as part of NIPL’s core team. Dilip Asbe, MD & CEO, NPCI said NIPL will take NPCI's unique payment system to global markets and that it is a matter of pride for NPCI that several countries in Asia, Africa and the Middle East have displayed interest towards replicating the model in their own countries.

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