NPCI in talks to bring UPI and RuPay to global markets

The National Payment Corporation of India (NPCI) is in talks with various global agencies to expand the global presence of the domestic payment networks RuPay and UPI (Unified Payment Interface), possibly in West Asia, the United States and Europe.
“Our goal is to increase the adoption of RuPay and UPI in all parts of the world where Indians travel or even stay for vacation, study or work,” said Ritesh Shukla, Executive Director of NPCI International Payments (NIPL) , a wholly owned subsidiary of NPCI for International Business. “We are in talks with global agencies through whom we would like to introduce RuPay and UPI to the world.”
These international agencies can include regulators, major banks, fin tech companies, or even general payment organisations from the respective countries.
Some of the likely destinations are Gulf states like Saudi Arabia, the United Arab Emirates and Bahrain, European and North American countries, Mauritius and Singapore, payment industry experts said.
Shukla did not reveal the names of the agencies NIPL is in talks with, but a top payments industry manager told ET, “The US-based Cell or The Clearing House could very well be partners.”
Cell Network is a U.S. payment platform that deals with banks and credit unions, while The Clearing House Payments Company operates the centralised payment system infrastructure in the U.S.
Cell Network and The Clearing House did not respond to requests from ET press time Sunday.
The development comes at a time when the global payment giant MasterCard is facing regulatory hurdles in India.
The Reserve Bank of India last week banned MasterCard from issuing new cards for violating data location rules. The development is likely to result in some banks using their services to communicate with RuPay, industry experts said.
RuPay already has more than 60 percent market share in terms of number of cards in India, outperforming both MasterCard and Visa, which dominated the territory until recently.
UPI was launched in 2016 and reported an average annual growth rate (CAGR) in payment volume of 285 percent since 2017 to $ 457 billion in 2020) infrastructure operators.
RuPay can be accepted via point-of-sale terminals (PoS) and ATMs.
Bhutan recently became the first country to adopt UPI standards for its QR code. It is also the second country after Singapore to accept BhimUPI in business locations, NIPL said last week.
Both UPI and RuPay are payment services provided through NPCI’s multi-rail payment network.

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