TerraPay, NPCI International collaborate for cross border merchant payments

Cross-border payments company TerraPay headquartered in the UK on Thursday announced a partnership with National Payments Corporation of India’s (NPCI) international arm NPCI International Payments Limited (NIPL) to allow merchants in India with Unified Payments Interface (UPI) ID make and accept cross-border payments. 

According to TerraPay, customers with active UPI IDs (350 million bank accounts) will be able to transact at QR locations enabled by TerraPay globally with the partnership. 

While the collaboration will speed up the usage of UPI apps across different geographies and enhance the digital drive for cashless transactions, the disputes and grievance redressal issues will also drastically reduce since UPI payments and QR transactions are customer-initiated with a two-factor authentication which adds an element of non-repudiation, said TerraPay.

“At NIPL, we are aiming to take the solutions that NPCI has built and established in India to international markets and build a truly interoperable global payments system with other participating nations. We are actively engaging with partners across the world to build partnerships in areas of cross-border acceptance and remittances,” said Anubhav Sharma, Head International Business – Partnership, Business Development & Marketing, NIPL in a statement.