Now Indians will be able to receive money from overseas via UPI

Unified Payments Interface (UPI) ID users will now be able to accept international payments in their bank accounts. The National Payments Corporation of India (NPCI) has said that its international arm NPCI International Payments Limited (NIPL) has signed a memorandum of understanding (MoU) with TerraPay to smoothen international remittances.  

The collaboration will now enable UPI users to leverage TerraPay’s interoperable payments infrastructure to receive payments on a fully regulated, secure, scalable and efficient channel, the NPCI said.

“This partnership with TerraPay is aimed at enabling seamless and convenient cross-border remittances experiences powered by UPI platform’s best in class real-time capabilities,” said Ritesh Shukla, CEO of NIPL. 

TerraPay founder Ambar Sur said that India is a strategic market and the collaboration with NIPL will create a financially inclusive ecosystem. “This alliance will allow us to expand and optimise our payment capabilities, and open up the Indian market for our global partner networks,” he said. 

UPI is an instant real-time payment system developed by the NPCI facilitating inter-bank peer-to-peer and person-to-merchant transactions. According to the data released by the NPCI, for 2021, UPI recorded 38.74 billion transactions, worth $954.58 billion, making it the best performing real-time payment eco-system in the world. 

Globally, TerraPay processes payouts into over 4.5 billion bank accounts and in more than 1.5 billion mobile wallets.