NPCI launches a new subsidiary to promote its international business

Representative Image (REUTERS/Danish Siddiqui)

National Payments Corporation of India (NPCI) has launched an international arm -- NPCI International Payments (NIPL)-- with the aim of exporting its indigenously developed digital payment offerings. The primary aim of NIPL will be to take products like RuPay and UPI global.

NPCI was built with the aim to revolutionise domestic digital payments. It has come a long way since its inception. What started with ATM switches, has now moved to biometric payments and instant smartphone-based fund transfer through UPI and RuPay card-based payments. Now, the Mumbai-based retail payments body intends to take its offerings global.

It has appointed Ritesh Shukla as the Chief Executive of NIPL with the main task of business development and driving profitability in international markets. Shukla was part of Mastercard’s business in Middle East and North Africa before joining NPCI. He also worked with Axis Bank, HDFC Bank and SBI Cards previously.

Shukla will have Anubhav Sharma in charge of partnership, business development and marketing and Rina Penkar as Head of Product Development.

“It is a matter of pride for NPCI that several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nation. We look forward to witness NIPL scaling new highs by offering NPCI’s innovations to several nations and showcase a true example of Atmanirbhar Bharat,” said Dilip Asbe, CEO, NPCI.

While NIPL will work towards expanding the acceptance infrastructure across the world for RuPay cards and UPI, it will also leverage the technical expertise of NPCI to create innovative solutions to fast-track digital payments growth in those geographies as well.