Financial Software and Systems (FSS), India’s largest payments processor, and NPCI International Payments Ltd (NIPL), the International arm of National Payment Corporation of India(NPCI) made a partnership to expand Unified Payment Interface (UPI) rails in international markets.
- Under the partnership, in order to implement large-scale national payments infrastructure and to provide UPI payment services for Payment service providers(PSPs), FSS will use its experience and understanding.
- NIPL will provide its real-time payments processing platform along with its technical acumen to scheme operators.
About Unified Payments Interface (UPI):
- It is an instant real-time payment system developed by NPCI facilitating inter-bank transactions. It is regulated by the Reserve Bank of India(RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.
- India’s UPI processed transactions in 2020 are equivalent to 15% of GDP (worth $457 billion) with a 285% Compound annual growth rate (CAGR)
Recent Related News:
On April 01, 2021, The National Payments Corporation of India (NPCI) formed its wholly-owned subsidiary firm called NPCI Bharat BillPay Limited (NBBL) to offer recurring payment services. NPCI transferred all its Bharat Bill Payment System (BBPS) transaction mandates to the newly formed subsidiary.
About Financial Software and Systems (FSS):
Establishment – 1991
Headquarters – Chennai, Tamil Nadu
Founder, Chairman and Managing Director – Nagaraj Mylandla
About NPCI International Payments Ltd (NIPL):
It is the first wholly-owned subsidiary of NPCI that takes care of deployment of the RuPay card scheme and UPI outside of India.
Establishment – April 3, 2020
CEO – Ritesh Shukla