TerraPay partners with NPCI to boost cashless transactions

Hyderabad: To create an inclusive financial system, TerraPay, has signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India (NPCI). Indians will be allowed with an active UPI ID to receive real-time, international payments into their bank accounts via TerraPay's technology.

Unified Payments Interface (UPI) is an instant real-time payment system developed by NPCI facilitating inter-bank peer-to-peer and person-to-merchant transactions. This has recorded 38.74 billion transactions, worth $954.58 Billion, making it the best performing real-time payment eco-system in the world.

"India is a strategic market for TerraPay and our collaboration with NIPL is a true testament of our vision to create a financially inclusive ecosystem. This alliance will allow us to expand and optimize our payment capabilities, and open up the Indian market for our global partner networks." said Ambar Sur, Founder and CEO, TerraPay.

Globally, TerraPay processes payouts into 4.5Bn+ bank accounts and 1.5Bn+ mobile wallets. With the vision to foster financial inclusion, residents, POI's, Indian diaspora will be able to send money to India by using TerraPay's agile, transparent and real-time payment channel.