National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, has introduced its wholly owned subsidiary firm with an aim to take its technology to international markets.
Operating as NPCI International Payments Limited (NIPL), the subsidiary will look globalise RuPay and UPI, as well as other NPCI services.
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In a statement, NPCI said: “The growth and evolution of NIPL will result in a huge acceptance network for RuPay and UPI which in turn will empower Indian travelers avail homegrown payment channels.
“NIPL will strive to not only engage in a collaborative effort with willing nations to introduce digital payments in the respective nations but also equip them with resources as well as technological wherewithal.”
Ritesh Shukla is in charge of the new subsidiary as CEO.
He will focus on deploying NPCI solutions in foreign countries, formulating business strategy, and heading business development.
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By GlobalDataFormerly, he was worked at Mastercard’s Middle East and North Africa (MENA) unit, with responsibility for sales, business development, P/L functions.
In a financial career spanning more than 20 years, Shukla also worked at Axis Bank, HDFC Bank and SBI Cards in his previous stints.
Moreover, NIPL’s core team includes Anubhav Sharma as head of International Business – Partnership, Business Development & Marketing as well as Rina Penkar as head of International Business – Product Development.
NPCI MD and CEO Dilip Asbe said: “It is also a matter of pride for NPCI that several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations.”
According to a recent report, Google Pay and PhonePe are gearing up to offer recurring payment options in India through an alliance with NPCI.
The move is said to enable Google Pay and PhonePe users to choose the auto-debit facility for their monthly payments such as electricity and mobile bills, and EMIs.
