The objective of the agreement is to extend the RuPay card and is i Acceptance among payment service providers such as PPRO’s global customers (psp) and global merchant acquirers.
The collaboration between NIPL and PPRO will empower payment service providers, banks, gateways and enterprises with payment platforms that rely on PPRO to expand their platform internationally and beyond borders, enabling their merchants to reach Indian consumers. Access to those who do digital transactions using RuPay and UPI. ,
Ritesh Shukla said, “We believe that this strategic collaboration with PPRO will result in a significant increase in online acceptance of RuPay cards and UPI powered apps, which in turn will help Indian consumers access their preferred payment modes across the globe. Will empower you to set free.” , CEO, NIPL.
More than a third of the 777 million Indian online consumers make cross-border purchases, with nearly half of all transactions taking place with online shops in the United States and China. Enabling merchants in these and many other countries to accept payments through RuPay cards and UPI will significantly increase consumer reach.
“The expansion into India’s e-commerce market presents a huge growth opportunity for PPRO,” said Stephen Merz, PPRO’s Chief Strategy and Development Officer. “Our strategic partnership with NPCI International helps us navigate through the intricacies of the market and opens up the Indian market to our PSP partners and their global merchants, enabling them to benefit from the country’s high potential. ”
RuPay is India’s first of its kind global card payment network with over 635 million cards issued so far. UPI is one of the most successful real-time payment systems globally, which allows users to transfer money on a real-time basis across multiple bank accounts without revealing their bank account details to the other party.
In 2020, UPI enabled commerce worth USD 457 billion, which is equivalent to about 15% of India’s GDP.