NPCI International Payments Ltd (NIPL), the International arm of NPCI has collaborated with Liquid Group Pte. Ltd. (Liquid Group) to enable QR-based UPI payment acceptance in 10 markets across North and South East Asia.
The Unified Payments Interface (UPI) is an instant real-time payment (RTP) system. Using the technology, users can transfer money between various bank accounts in real-time. Besides enhancing efficiency, it also furthers data minimization as users need not disclose their account information to the other party.
In-person to person (P2P) and person to merchant (P2M) transactions, UPI is one of the most successful RTP systems in the world. In 2020, UPI enabled commerce worth USD 457 Billion, which is equivalent to approximately 15% of India’s GDP. In July 2020, UPI breached the 3 Bn transaction per month mark and reached an all-time high. It has bolstered digital payments in India.
About Liquid Group
Liquid Group is a Singapore-based QR payment acceptance network. It allows payment schemes and digital payment apps to be accepted across borders. In the ten markets of Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan, Liquid Group integrates a large network of merchant acquiring partners. The group and its network of merchant acquiring partners are well-positioned to promote the globalization of UPI Payments by providing standardized operating regulations, a streamlined user experience, and consistent compliance standards.
When can we expect some results?
From early 2022, BHIM App users will be able to make UPI QR-based payments at over 2 million businesses across North Asia and Southeast Asia thanks to NIPL and Liquid Group’s collaboration.