The National Payments Corporation of India (NPCI) is set to establish a 5,000-capacity research and development (R&D) center as part of its global expansion efforts, said CEO Dilip Asbe.
The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a plot in Mumbai’s Bandra Kurla Complex (BKC) for NPCI’s new global headquarters, reinforcing its position as a key player in digital payments.
NPCI, which operates the UPI and RuPay networks, has seen growing international interest, with over 70 countries visiting its office in the past four to five years to study India’s digital payment infrastructure, Asbe said during an address at Mumbai Tech Week.
With the new R&D center, NPCI aims to accelerate innovation in payments technology and strengthen global collaborations.
NPCI has been working on expanding UPI acceptance into key global markets since past years via its subsidiary —NPCI International Payments Limited (NIPL).
Currently, UPI is operational in seven countries, including key markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
The firm is also working with countries such as Peru, Namibia and Trinidad and Tobago to help them create their sovereign payment ecosystems and UAE and Mauritius to help them create card schemes like Rupay.
Union finance ministry on February 27 said the the number of UPI transactions in January has crossed 16.99 billion with the total value exceeding Rs 23.48 lakh crore.
As of January, 2025, over 80 UPI Apps , 641 banks are currently live on UPI ecosystem, the finance ministry noted in a statement on February 27.
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