Wizz Financial partners with NIPL to launch live digital payments platform
By Leandra Monteiro
Wizz Financial, a global FinTech company specialising in cross-border payments, will be collaborating with the NPCI International Payments Ltd. (NIPL), the international arm of National Payments Corporation of India (NPCI), to create the first live digital payment platform, leveraging various platforms developed by NPCI, using open-source technologies. This is subject to regulatory approval.
Beyond speed and efficiency, Wizz Financial said the platform will be a very important tool for those who are unbanked as it helps them to create a digital footprint for users which enables access to credit and other financial services. The payment platform in the UAE is part of the company’s vision to create a government-to-consumer platform, whereby governments will be able to securely transfer money to citizens directly, without going through banks or other intermediaries which can slow the delivery process and add fees and complications to the transfer process.
“The UAE has always been at the forefront of delivering innovative technological solutions and we are excited to bring this platform here,” said Royal Strategic Partners CEO and Wizz Financial Vice Chairman, Dr. Hamad Al Ali.
“We are pleased to partner with Wizz Financial to enable digitisation of retail payments in the UAE. The UAE is a strategic market for us, given it is home to around 3.5 million people from India and also one of the top outbound travel destinations for Indians. We, at NIPL, are constantly working towards building partnerships to take NPCI’s indigenously developed payment solutions to international markets and drive digital good,” said NPCI International Payments Limited (NIPL), CEO, Ritesh Shukla.
“UPI has enabled India to become the world leader in real-time digital payments,” said Wizz Financial India, CEO, Angad Chadha. “Based on UPI’s success in India, we believe it offers an opportunity to modernize the payment infrastructure and drive the digital economy in the UAE and the region.”
“We are honored to be working closely with the UAE government to bring this to fruition so that consumers and merchants partake in the benefits right away,” said Wizz Financial Co-Founder and Group Chairman, Amir Nagammy. “While these platforms help merchants and consumers, they also help to promote financial inclusion. The platforms can also enable individuals with a secure and convenient way to receive payments directly into their account and eliminates the need to handle cash.”
IBSi Daily News Analysis
June 09, 2023
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