India’s Top PSUs 2022

37 The recent key achievements of NIPL are as below: In August 2022, NIPL has signed an MoU confirming a partnership with the payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in the UK. This will make the UPI payment solutions available in the UK on all PayXpert’s android point-of-sale (POS) devices for in-store payments. The initiative will start with UPI-based QR code payments and later may integrate the possibility for RuPay card payments. In June 2022, NIPL signed an MoU with the Lyra Network, a payment solution provider in France to integrate Rupay cards and UPI across the country. In February 2022, NIPL partnered with Gateway Payment Service Pvt Ltd, an authorized payment system operators in Nepal and Manam Infotech Pvt Ltd to establish UPI in Nepal. The NIPL partnership with payment system operators in Nepal is expected to boost interoperable real- time person to person (P2P) and merchant payment transactions (P2M) in Nepal. It will also open the possibility of real-time cross-border P2P remittances between Nepal and India. Given that India is the largest recipient of cross-border remittances, receiving over US$ 80 billion per annum, NIPL has partnered with TerraPay, a global payments infrastructure company in January 2022 and Western Union, a global operator in cross-border, cross-currency money movement and payments in December 2021. The collaboration with these two global operators will enable customers in India to receive international money transfers in real time into their bank accounts in the country. In November 2021, NIPL signed anMoUwith Network International to discuss their collaboration on acceptance of UPI in the UAE. This will ensure availability of a trusted and familiar mobile payment option like UPI to Indian visitors to the UAE, which in turn will enable them to make their purchases in the UAE safely and with ease. Dun & Bradstreet