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NPCI goes global, launches International subsidiary NIPL

By Priyanka Pani

August 23, 2020

  • India
  • National Payments Corporation Of India
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India’s umbrella body for all digital payments, National Payments Corporation of India (NPCI) has  launched an international subsidiary firm called NPCI International Payments Limited (NIPL).

NIPL is tasked with the responsibility of exporting NPCI’s indigenously developed offerings and technological acumen to foreign markets, thereby revolutionizing the global payments landscape. The primary focus of NIPL would be internationalization of RuPay and UPI, along with a few more offerings of NPCI.

NPCI’s various products including the flagship UPI, a real-time payment interface, has got global recognition because of it’s robust payments system that is cost effective, secure, convenient and instantaneous. Several nations have displayed an inclination towards establishing a ‘real time payment system’ or ‘domestic card scheme’ inspired by the exemplary innovations by NPCI in the country.

To drive the international operations, NPCI has appointed Ritesh Shukla as Chief Executive Officer (CEO) of NIPL. In this new role, Ritesh’s primary responsibilities would involve formulation of business strategy, leading business development and driving profitability by deploying NPCI’s pre-existing technology and solutions in international markets. Ritesh comes with over two decades of overall experience in banking and payments space.  Prior to joining NPCI, he was a part of Mastercard’s business in Middle East and North Africa (MENA) wherein he took charge of sales, business development, P/L functions to drive profitability and market share. Ritesh has also served Axis Bank, HDFC Bank and SBI Cards in his previous stints.

Ritesh would be supported with Anubhav Sharma, Head International Business – Partnership, Business Development & Marketing and Rina Penkar, Head International Business – Product Development, as part of NIPL’s core team.

Dilip Asbe, MD & CEO, NPCI said, “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. To help retail NPCI’s focus on its international ambitions, we would like to welcome Ritesh Shukla as the new CEO along with Anubhav Sharma and Rina Penkar. We look forward to witness NIPL scaling new highs by offering NPCI’s innovations to several nations and showcase a true example of Atmanirbhar Bharat”

The growth and evolution of NIPL will result in a huge acceptance network for RuPay and UPI which in turn will empower Indian travelers avail homegrown payment channels. NIPL will strive to not only engage in a collaborative effort with willing nations to introduce digital payments in the respective nations but also equip them with resources as well as technological wherewithal. NIPL will leverage the technical expertise, capabilities and experiences of NPCI to pioneer tailor made innovative solutions to help countries fast track their advancement.

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