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Ritesh Pai (left), President, Product & Solutions, TerraPay with Anubhav Sharma, Head International Business - Partnership, Business Development & Marketing,NIPL, sealing their partnership
 
 
NPCI joins TerraPay for cross border UPI transactions

September 24 2022:  In a strategic move to further strengthen its cross-border payment solutions, TerraPay, a leading global payments infrastructure group  has entered into partnership with NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India(NPCI).
This association with NIPL will allow Indian customers and merchants in India with an active Unified Payments Interface Id(UPI Id) to make and accept cross-border payments seamlessly by leveraging TerraPay’s agile infrastructure and the UPI network. Both companies will work together to further empower Indian customers with active UPI Ids (350 million bank accounts) to be able to transact at QR locations enabled by TerraPay, globally.
The partnership will further increase the use of UPI and QR for cross-border merchant payments. This initiative will speed up the usage of UPI apps across different geographies thereby further enhancing the digital drive for cashless transactions. Furthermore, since UPI payments & QR transactions are customer-initiated with a two-factor authentication it adds an element of non-repudiation and hence drastically reduces disputes and grievance redressal issues. With this collaboration, TerraPay is keen to build interoperability among the various financial instruments that it powers and get marginalized or underserved communities into the mainstream of digital payments.
Unified Payments Interface is an instant real-time payments(RTP) system developed by National Payments Corporation of India. It is amongst the most successful RTP systems globally, providing – simplicity, safety, and security in person-to-person (P2P) and person-to-merchant (P2M) transactions in India. In 2021, UPI enabled commerce worth 940Bn (~39Bn transactions). In August 2022 alone, the volume of transactions crossed 6.56Bn.
Globally, TerraPay processes pay-outs into over 4.5Billion  bank accounts and 1.5Billion mobile wallets. With the vision to foster financial inclusion, residents, POIs, and the Indian diaspora will be able to send money to India by using TerraPay’s agile, transparent and real-time payment highway.
Other developments at NPCI: The shareholders of National Payments Corporation of India at its Annual General Meeting held on 22nd September 2022, have approved the re-appointment of  Dilip Asbe as the Managing Director & Chief Executive Officer of NPCI for a period of five years, with effect from 8th January 2023.
MOU with IIT Kanpur
The Indian Institute of Technology (IIT), Kanpur and NPCI have signed a Memorandum of Understanding (MoU) for sharing knowledge on innovative ideas and to collaborate on the development of indigenous digital payments solutions. The collaboration will also help in the augmentation of cybersecurity controls for NPCI and its subsidiaries’ products and services. The MoU will precipitate a wide array of collaborative efforts between NPCI and IIT Kanpur.
With this collaboration, eminent faculty members from the institute will conduct deep informative sessions and deliver lectures for NPCI personnel on Cybersecurity and the new trends in Artificial Intelligence (AI), Machine Learning (ML), Security Product Roadmaps, and Distributed ledger technologies (DLT). NPCI, on the other hand, will offer internship opportunities to IIT Kanpur students, providing them an invaluable experience of working on live projects of NPCI. The domain-centric knowledge and expertise of IIT Kanpur scholars will aid NPCI in expeditiously executing the ever-evolving requirements of consumer-oriented offerings.