What is NIPL?
NPCI International Payments Ltd. (NIPL) is a wholly owned subsidiary of the National Payments Corporation of India (NPCI), established in 2020. It is dedicated to promoting the international use of RuPay (India's domestic card scheme) and UPI (Unified Payments Interface), a mobile payment solution.
What does NIPL do?
NIPL aims to expand the global footprint of RuPay and UPI by building acceptance networks in foreign countries. This facilitates easy and secure payment options for Indian travelers abroad and supports other countries in developing similar payment systems.
Why was NIPL created?
With the success of NPCI's products in the domestic market and their potential in the global market, the NPCI board recognized the need for dedicated resources to focus on international expansion. This led to the creation of NIPL, which had originally been part of the International Alliance team within NPCI.
How does NIPL work internationally?
NIPL collaborates with international partners such as Discover Financial Services (DFS) USA, Japan Credit Bureau (JCB), Union Pay International (UPI) China, Royal Monetary Authority (RMA) of Bhutan, and Network for Electronic Transfers (NETS) Singapore. These partnerships help establish RuPay and UPI as viable payment options globally.
What impact does NIPL have on other countries?
NIPL not only facilitates international transactions for Indian products but also provides technological assistance and consultancy to other countries looking to develop their own real-time payment systems. For example, NIPL has signed an agreement with the Bank of Namibia to help develop an instant payment system similar to India’s UPI.
How does NIPL benefit Indian travelers?
With the expanding network of NIPL, Indian travelers can use RuPay and UPI in multiple countries, making cross-border transactions seamless and secure. What are the future goals of NIPL?
NIPL aims to become the best global payment network by continuing to innovate and expand the reach of its payment solutions. This not only benefits Indian users but also contributes to the financial technology infrastructure of partner countries, promoting global financial inclusion and connectivity.
These FAQs highlight the role, operations, and significant impacts of NPCI International Payments Ltd. (NIPL) in fostering international cooperation in the digital payments arena, enhancing global access to innovative and secure payment methods.
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