The National Payment Corporation of India (NPCI) is working towards expanding the global footprint of indigenous payment network platforms like RuPay and UPI (unified payment interface), Economic Times.
The NPCI is in talks with several global agencies for possible expansion in geographies like West Asia, the United States (US), and Europe. These agencies may include regulatory authorities, large banks, fintech companies, or even umbrella payment organisations from respective countries.
Chief executive of NPCI International Payments (NIPL), Ritesh Shukla shared that they are aiming to expand RuPay and UPI acceptance across world destinations, where Indians travel for holidays, study or profession or even stay.
Bhutan recently became the first country to adopt UPI standards for its QR code. It is also the second country after Singapore to have Bhim-UPI acceptance at merchant locations.
It should be noted that RuPay already holds more than 60 per cent market share in terms of the number of cards in India, outpacing both MasterCard and Visa which had till recently dominated the arena.