In a strategic move to strengthen the payment solutions business, TerraPay, a global payments infrastructure company, has signed a memorandum of understanding with NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI). This association with NIPL will allow Indians with an active UPI ID to receive real-time, international payments into their bank accounts via TerraPay’s adaptive and secure payments technology.
Unified Payments Interface (UPI) is an instant real-time payment system developed by NPCI facilitating inter-bank peer-to-peer and person-to-merchant transactions. UPI has ended the calendar year 2021 with record-high transactions, both in volume and value terms. According to the data released by the NPCI, for 2021, UPI recorded 38.74 billion transactions, worth $954.58 billion.
The intended collaboration will further empower UPI users to leverage TerraPay’s agile interoperable payments infrastructure to receive payments on a fully regulated, secure, scalable, and efficient channel. Globally, TerraPay processes payouts into over 4.5 billion bank accounts and 1.5 billion mobile wallets. With the vision to foster financial inclusion, residents, POI’s, Indian diaspora will be able to send money to India by using TerraPay’s agile, transparent and real-time payment channel.
“India is a strategic market for TerraPay, and our collaboration with NIPL is a true testament of our vision to create a financially inclusive ecosystem. This alliance will allow us to expand and optimize our payment capabilities, and open up the Indian market for our global partner networks,” said Ambar Sur, Founder and CEO, TerraPay.
Ritesh Shukla, CEO, NIPL, said, “India is the largest recipient of cross-border remittances, receiving over $ 80 billion per annum. This partnership with TerraPay aims at enabling seamless and convenient cross-border remittances experience powered by UPI platform’s best in class real-time capabilities.”