NPCI International Payments Ltd (NIPL), the global division of National Payments Company of India, has partnered with Liquid Group Pte. Ltd., a cross-border payment provider, to support the acceptance of UPI QR payments in 10 different markets in North Asia and Southeast Asia.
The Unified Payment Interface (UPI) is described as a real-time instant payment system (RTP), allowing consumers to India send funds in real time to several different bank accounts without having to share your bank account details with other parties.
UPI is said to be one of the most successful RTP systems in the world, offering simplicity, safety and security for person-to-person (P2P) and person-to-merchant (P2M) transfers. Last year, UPI-fueled trade was valued at $ 457 billion, or about 15% of India’s GDP.
Singapore-based Liquid Group operates a QR payment acceptance network that supports cross-border acceptance of various payment schemes and virtual payment applications.
Liquid Group integrates an extensive network of merchant acquiring partners in the 10 markets of Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea and Japan, according to to a release.
By offering harmonized operating rules, improved user experience and consistent compliance standards, Liquid Group and its network of merchant acquiring partners are positioned to enable the internationalization of UPI payments.
The partnership between NIPL and Liquid Group is expected to enable users of the BHIM app to make payments based on QR UPIs at more than 2 million merchants in North and Southeast Asia as of the start of the year. ‘next year.
Jeremy Tan, Founder and CEO of Liquid Group, said:
âWe are excited about this partnership with NIPL. In anticipation of the imminent resumption of cross-border travel, we have been working with our merchant acquiring partners to prepare for the acceptance of contactless QR payments from abroad. UPI has experienced exponential growth in India and we look forward to supporting its rapid expansion in the region. “
Ritesh Shukla, CEO of NIPL, said:
âThis strategic partnership with Liquid Group is a tremendous step towards realizing our vision of bringing our robust and popular payment solutions to global markets. We are confident that our proven product capabilities, combined with Liquid Group’s extensive merchant network, will enable the acceptance and expansion of QR UPI-based payments in Asian markets. “
As stated in the announcement, Liquid Group is a Singapore-based Fintech. It maintains a presence throughout the APAC region. It operates XNAP Network, an API-based open QR payment acceptance network that “enables cross-border acceptance of bank and non-bank QR wallets and payment applications in multiple markets in the region.”
Additionally, Liquid Group offers local and cross-border business payment solutions for businesses in the B2B and B2C segments.
Liquid Group is regulated as a major payment institution by the Monetary Authority of Singapore “to perform an account issuance service, an electronic money issuance service, a merchant acquisition service, a payment service. domestic money transfer and cross-border money transfer service â. It is also âa non-bank financial institution participating in Singapore’s PayNow and FAST networkâ.
NPCI International Payments Limited (NIPL) was âincorporated on April 3, 2020 as a wholly owned subsidiary of National Payments Corporation of India (NPCI)â. As an international branch of NPCI, NIPL is “dedicated to the deployment of NPCI’s successful native real-time payment system – Unified Payments Interface (UPI) and card system – RuPay, outside of India”.
NPCI has âdeveloped and proven its products and technological capabilities in the domestic market by transforming the payments segment in Indiaâ. Several countries aim to âestablish a ‘real-time payment system’ or a ‘home card system’ in their own country.
NIPL, with its knowledge and experience, “can offer these countries technological assistance through licensing, advice for the creation of a real-time payment system to meet the rapidly evolving needs of global businesses to rapid growth”.