By enabling access to Unified Payments Interface (UPI), India’s real-time payment system, the partnership aims to remove complexity and increase efficiency for international PSPs and merchants looking to sell cross-border into India at scale. Supported by a new framework co-developed with NIPL, the agreement paves the way for the first merchants to go live in the months to come.
The direct connection to UPI via PPRO’s digital payments infrastructure enables international payment service providers (PSPs) to let merchants tap into India’s extensive online consumer base in an easy and secure manner, with no need to set up a legal entity in India, settlement to an India-based bank, or to upload invoices to clear funds. When talking about consumers, this means that they have the option to make cross-border purchases in Indian Rupees in a simplified way, leveraging their preferred payment method.
Based on the information provided in the press release, the 2016-launched UPI is amongst India’s most popular instant payment systems, processing 60% of all domestic payments. With more than 325 million active users, it supports 390 banks and 100 third-party apps within a single mobile application, and the announcement details that in March 2023 alone, it processed more than 8.7 billion transactions.
Simon Black, CEO at PPRO said that international PSPs together with their merchant are now enabled to easily enter an ecommerce market that is expected to reach an estimated USD 111 billion in 2024 and is predicted to almost double by 2026 to USD 200 billion. As per the company official’s statement, the integration of UPI in PPRO’s digital payments infrastructure through a single connection has helped the company to remove all operational complexity for its partners to sell cross-border into India at scale.
Ritesh Shukla, CEO at NIPL added that UPI has helped revolutionise the digital payments landscape in India and is respected worldwide for its role in assisting with the simplification and democratisation of payments. The spokesperson believes that by collaborating with PPRO, which activates within the payment’s infrastructure space and powers an extensive PSP and merchant network, India-based consumers are enabled to shop online with global merchants and pay in a safe and easy manner leveraging UPI.
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