TerraPay, a leading global payments infrastructure group, announced its strategic move to strengthen its cross-border payment solutions by inking a partnership with NPCI International Payment Limited (NIPL), the International arm of the National Payments Corporation of India (NPCI). This association would allow India-based customers and merchants with an active Unified Payment Interface Id (UPI ID) to make online cross-border payments seamlessly without effort by leveraging TerraPay’s UPI network and agile infrastructure.
The intended collaboration would enable both companies to work together to empower Indian customers with active UPI IDs. This collaboration would enable around 350 million bank accounts to transact at QR locations enabled by TerraPay. The companies intend to fortify their UPI payment and QR solutions to extract their maximum potential. The joint venture would enhance the usage of UPI and QE for cross-border merchants.
Furthermore, since the UPI payment and QR transactions are customer-initiated two-factor authentication adds a new element of non-repudiation. Hence, this would reduce the disputes and grievance redressal issues. With this collaboration, TerraPay is eager to create interoperability among numerous financial instruments to get marginalized or underserved communities into mainstream digital payments.