India’s Top PSUs 2022

36 About the Scheme NPCI International Payments Ltd (NIPL) has been incorporated on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI). NPCI, established in 2008 is an umbrella organisation for operating retail payments and settlement systems in India. It is an initiative of Reserve Bank of India (RBI) and Indian Banks Association (IBA). Need of Initiative NPCI offers various innovative and unique payment products in its portfolio. With enhanced product portfolio, NPCI identified the growth potential and scope for expansion in the global markets. It acknowledged that a dedicated resource is required to cater to the international markets. Hence, it established a separate entity named NPCI International Payments Ltd (NIPL) focused on internationalization of RuPay (domestic card scheme) & UPI (Unified Payment Interface, a mobile payment solution). Key Objective of NIPL The key objective of NIPL is to transform the payment system across the globe with the use of technology and innovation. Recently several countries also want to establish a ‘real time payment system’ or ‘domestic card scheme’ in their own country. In this view, as the international armof NPCI, NIPL intends to deploy its indigenous real-time payment systemUPI and card scheme – RuPay in the international markets. It also plans to offer technical assistance to the countries through licensing and consulting for building real time payment system. Thus, NIPL aims to enhance payment capabilities of other countries through technological assistance, consulting and infrastructure development. Key Achievements of NIPL As part of its international expansion plan, NIPL has successfully established partnerships with Discover Financial Services (DFS) USA, Japan Credit Bureau (JCB) Japan, Union Pay International (UPI) China, Royal Monetary Authority (RMA) of Bhutan and Network for Electronic Transfers (NETS), Singapore. NPCI International Payments Limited Ministry of Finance (A subsidiary of National Payments Corporation of India) Dun & Bradstreet