The National Payments Corporation of India (NPCI) has set up an international subsidiary to sell the technology behind its RuPay network and Unified Payments Interface (UPI) to other countries
The NPCI says several countries have "displayed an inclination" to build real-time payment systems and domestic card schemes inspired by the UPI and RuPay.
In response, NPCI International Payments Limited (NIPL) has been set up, led by former Mastercard and Visa exec Ritesh Shukla, who is charged with developing a business strategy to make money by deploying NPCI’s technology in international markets.
The largest card network in India, RuPay was launched in 2012, with the massively popular instant payments network UPI following in 2016.
Dilip Asbe, CEO, NPCI, says: "We are glad to launch our subsidiary - NIPL to take our unique payment system to global markets. It is also a matter of pride for NPCI that several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations."