NPCI International Payments Ltd. (NIPL) has signed a memorandum of understanding (MoU) with PPRO, the leading global provider of local payments infrastructure, to expand international acceptance of RuPay and UPI.
The agreement add India to PPRO’s local payment method (LPM) coverage map. As such, payment service providers, banks, gateways, and enterprises with payment platforms that depend on PPRO will be able to receive payments through Indian consumers using RuPay and UPI.
In a press release, the companies said that more than a third of the 777 million Indian online consumers shop across borders.
Push to take indigenous solutions global
NIPL has been pushing for global acceptance of indigenous solutions like RuPay and UPI. It has partnered with Malaysia’s Merchantrade Asia to facilitate remittance to Indian banks via UPI.
In a crucial move, the RBI recently announced the linkage of UPI with Singapore’s Paynow. The initiative enables users of both payment systems to transfer funds without the need of another payment system.