The unified payments interface is one of the most successful modules established by NPCI. It has connected the country to make unified payments. The National payment corporation is looking for ways to build retail payment railroads in Asian countries as the flair for digital payments is on the rise. The government agency gas made set a subsidiary of NIPL (NPCI international) and a Kansas-based Fintech Company Euronet. Both have joined hands and have submitted a bid to the CBM (Central bank of Myanmar) to construct a real-time payments system combined with QR code generation and repository system. The idea was proposed by the South Asian nation.
An official said that The CBM project has received grants from World Bank and the successful implementation of the national payment corporation’s expertise would boost international aspirations. However, the bid might face severe competition from global payments giants such as Mastercard and Visa who also seem to be interested in the project.
If the bid becomes successful, it will be one of the first among various other international projects that NPCI is planning in the Asian market. The Asian market includes several economies such as Malaysia, UAE and Singapore which are on the top of mass digitization and finding a way to build interoperable networks quite similar to UPI’s.
Digital payment thrust
There are various smaller economies dependent on cash in the global community. Myanmar is eyeing to build a national road of digital payments in these smaller economies. A lot of Indian fintech companies loved these projects to the UPI solution, IMPS and AEPS developed by national payment corporations over the past decade. If NPIL succeeds in developing an interoperable payment infrastructure for smaller jurisdictions such as Myanmar, they could establish their position as a serious international player.
Also, the RBI has opened the gates of challenge over NPCI’s dominance. It has opened gates for private entities to set up a variety of Umbrella entities. If NPCI becomes a global player, the dominance of NPCI can’t be questioned on the home turf.
This has not stopped NPCI from having international aspirations. Its popular payment network UPI payment has gained the attention of international organizations such as International settlement and google.
What is UPI?
UPI or Unified Payments Interface is a payment interface developed by NPCI (National Payments Corporation of India). In simple words, you can define UPI payment system as an advanced version of IMPS.
How UPI works?
You can use the following to process UPI transaction
Payment service provider or allows the customer to initiate a transaction. The payer app includes some common apps such as Gpay, Phonepe, Bhim, PayTM, etc. Payer apps have replaced traditional banking apps. While initiating a transaction, NPCI takes care of verification. Every app has a sponsor bank to start onboarding users.
In UPI payment gateway, money is sent from the sender’s bank to the merchant or the receiver’s bank.
Finacus UPI solution
Finacus offers the best UPI platform with an API interface including the NPCI. It also integrates with the universal mobile interface. It offers a robust solution to keep security as the primary goal. The UPI payments offer a reliable solution with virtual addresses.
If you don’t have an UPI integrated system, contact the best financial solution provider, Finacus. You can get your hands-on demo and get the required information from executives.