The National Payments Corporation of India (NPCI) has launched a wholly-owned subsidiary, NPCI International Payments Limited (NIPL) to internationalize (or export to foreign markets ) NPCI’s indigenously developed offerings and technological acumen, i.e. real-time payment system, Unified Payments Interface (UPI) and card payment network, RuPay along with a few more offerings of NPCI. It is also responsible to co-create payment technologies with other countries.
- NPCI has appointed Ritesh Shukla as Chief Executive Officer(CEO) of NIPL.
Note– The internationalization will revolutionize the global payments landscape.
Key Info
As per the Regulatory records the NIPL was incorporated on April 03, 2020 and has Dilip Asbe, MD & CEO of NPCI, Arif Khan, Chief Digital Officer and Rupesh Achayara, Head of Finance at NPCI as directors.
Other Members of NIPL
Ritesh Shukla will be supported by Anubhav Sharma, Head International Business, Partnership, Business Development and Marketing, and Rina Penkar, Head International Business, Product Development as part of NIPL’s core team.
Role Of CEO
The primary responsibilities will involve formulation of business strategy, leading business development and driving profitability by deploying NPCI’s pre-existing technology and solutions in international markets.
Additional Info
i.Many countries like Asia, Africa and the Middle East have displayed interest a ‘real-time payment system’ or ‘domestic card scheme’ inspired by NPCI’s innovations
ii.The growth and evolution of NIPL will create a huge acceptance network for RuPay and UPI, which in turn, will empower Indian travellers to access domestic payment channels.
iii.It will leverage the technical expertise, capabilities and experiences of NPCI to pioneer tailor made innovative solutions to help countries to track their advancement quickly.
About Ritesh Shukla:
i.He has over two decades of overall experience in banking and payments space.
ii.Prior to joining NIPL, he was the Director – Account Management for Mastercard’s Middle East and North Africa (MENA).
iii.He has also served Axis Bank, HDFC Bank and SBI Cards in his previous stints.
Recent Related News:
i.NPCI, an umbrella organisation for operating retail payments has launched blockchain technology based “Vajra Platform” to make payments fast & secure.
ii.In order to ease online recurring payments in India, NPCI introduced a Unified Payments Interface (UPI) AutoPay feature. It is a one-stop fintech payment solution that allows customers to create e-mandate through their UPI ID or QR Scan.
About NPCI:
Head Office– Mumbai, Maharashtra
Managing Director(MD) & Chief Executive Officer(CEO)– Dilip Asbe
