TerraPay to Drive Seamless Merchant Payments via UPI-Enabled QR Codes with NPCI International
In a strategic move to further strengthen its cross-border payment solutions, TerraPay, a leading global payments infrastructure group has announced its partnership with NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India (NPCI).
Through this collaboration with NIPL, Indian customers and merchants in India who have an active Unified Payments Interface Id (UPI Id) will be able to make and accept cross-border payments in real time by leveraging TerraPay’s flexible infrastructure and the UPI network.
Both firms want to collaborate to further enable Indian customers with active UPI Ids (350 million bank accounts) to transact at TerraPay-enabled QR locations all around the world.
Both firms intend to strengthen UPI payments and QR solutions in order to maximize their potential. The collaboration will expand the usage of UPI and QR codes for cross-border merchant payments. This program would accelerate the use of UPI apps across various geographies, hence increasing the digital push for cashless transactions. Furthermore, because UPI payments and QR transactions are initiated by the client and include two-factor authentication, they add an element of non-repudiation, reducing disputes and grievance redressal concerns significantly. TerraPay aims to achieve interoperability among the different financial instruments it supports through this collaboration, as well as to bring marginalized or underserved populations into the mainstream of digital payments.
The National Payments Corporation of India developed the Unified Payments Interface, which is an immediate real-time payments (RTP) system. It is one of the world’s most successful RTP systems, offering ease, safety, and security in person-to-person (P2P) and person-to-merchant (P2M) transactions in India. In 2021, UPI will have enabled commerce worth $940 billion (39 billion transactions). The volume of transactions exceeded $6.56 billion in August 2022 alone.
TerraPay processes payments into 4.5 billion bank accounts and 1.5 billion mobile wallets worldwide. Residents, POIs, and the Indian diaspora will be able to send money to India utilizing TerraPay’s agile, transparent, and real-time payment highway, with the goal of fostering financial inclusion.
Originally published at https://cxotv.techplusmedia.com on September 23, 2022.