NPCI International Payments

What NPCI International Payments does

NPCI International Payments Limited (NIPL) is the internationalization arm of the National Payments Corporation of India (NPCI), incorporated on April 3, 2020, as a wholly-owned subsidiary under RBI-governed parentage. The company enables global acceptance of India's indigenous UPI (Unified Payments Interface) and RuPay card scheme through bilateral agreements with foreign central banks, national payment operators, and commercial banks in 13+ countries including Singapore, UAE, France, Nepal, Cambodia, Sri Lanka, Qatar, Mauritius, Bhutan, Israel, Vietnam, Japan, and Cyprus.

NIPL operates two core product lines. The interoperability suite delivers UPI acceptance for Indian travelers abroad via QR-code linkage with partner-country payment systems (e.g., UPI-PayNow in Singapore, UPI-KHQR in Cambodia, UPI-LankaQR in Sri Lanka), RuPay card acceptance through Discover Financial Services and Japan Credit Bureau networks, and UPI-PayNow-linked remittances. The infrastructure-build suite licenses technology, technical assistance, and consulting to help partner countries establish UPI-like real-time payment systems and RuPay-like domestic card schemes — active engagements include Namibia, Peru, Mauritius, and Trinidad and Tobago. Supporting platform components include SwitchNxt (routing), SettleNxt (settlement), NTS (tokenization), SecureNxt (3DS), E-FRM (fraud management), and analytics modules. The company has also built FiMI, a domain-specific AI language model for payments support, and piloted Agentic Payments via Razorpay for conversational UPI transactions.

Revenue is derived from cross-border transaction fees and foreign-exchange margins on UPI P2M payments, RuPay international interchange/acceptance fees, and technology licensing/consulting for infrastructure-build engagements. Pricing is set through bilateral agreements rather than public schedules, reflecting B2B2C go-to-market where NIPL enables partner countries and financial institutions to onboard merchants. End users access NIPL-enabled services through existing UPI-powered apps (BHIM UPI, PhonePe, Google Pay) without separate applications. Total revenue, ARR, and headcount-related financial metrics are not publicly disclosed, though the company reports headcount of 1,001-5,000 employees across offices in Bandra-Kurla Complex and Goregaon East, Mumbai.

Name

NPCI International Payments

Legal name

NPCI International Payments Limited

Website

https://nipl.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NPCI International Payments (NIPL) is the wholly-owned international subsidiary of NPCI, enabling global acceptance of India's UPI and RuPay digital payment systems through central-bank partnerships and licensing of sovereign payment infrastructure to 13+ partner countries.

Ownership category

akta.pro rank

Product category

Cross-Border Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (52221), Activities Related to Credit Intermediation (5223)

SIC

Finance Services (6199), International Affairs (9721)

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), Domestic / National Card Schemes (FSAMAAAC), Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF)

Keywords

• Cross-border digital payments
• Real-time payment infrastructure
• Card payment network
• Cross-border remittance services
• Payment interoperability solutions

Headquarters

HQ city

Bandra

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Cross-border Transaction Processing: NIPL generates revenue through transaction fees on cross-border UPI and RuPay payments processed internationally. Foreign exchange margins and fees apply to cross-border person-to-merchant UPI transactions.
2. Technology Licensing and Consulting: NIPL provides technological assistance, licensing, and consulting services to help other countries build UPI-like or RuPay-like payment systems, charging for infrastructure setup and ongoing support.
3. RuPay International Acceptance: Revenue generated from international acceptance and issuance of RuPay cards through partnerships with Discover Financial Services and Japan Credit Bureau, facilitating retail payments abroad for Indian travelers.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

NIPL enables international acceptance of India's UPI (Unified Payments Interface) and RuPay card payment systems through partnerships with foreign central banks, national payment operators, and financial institutions. The company provides cross-border real-time payments, person-to-person remittance linkages (e.g., UPI-PayNow), international RuPay card acceptance via Discover and JCB networks, and advisory/technology services to help other countries build UPI-like or RuPay-like domestic payment infrastructure.

Product overview

NPCI International Payments Limited (NIPL) operates as a global digital payment infrastructure company, offering two core product lines: UPI (Unified Payments Interface) for mobile-based real-time payments and RuPay for domestic card scheme services. UPI Global Acceptance enables Indian travelers to make QR code payments internationally across multiple countries, while RuPay Card facilitates international retail payments through partnerships with Discover Financial Services and JCB. The cross-border remittance portfolio includes UPI-PayNow linkage for India-Singapore transfers, Foreign Inward Remittance for receiving international transfers to Indian bank accounts, and Foreign Outward Remittance for sending money abroad. Supporting infrastructure services include UPI-Like and RuPay-Like solutions for countries seeking to build sovereign payment systems. AI-powered offerings include FiMI (a domain-specific language model for payment disputes and queries) and Hello UPI voice payments. The company also offers UPI One World wallet for international visitors to India.

Differentiator

Problem solved

Functional benefit

Brands

• UPI: Unified Payments Interface - India's real-time mobile payment system enabling inter-bank transactions through a single two-click factor authentication process
• RuPay
• FiMI

Products and services

• UPI Global Acceptance International acceptance network enabling Indian travelers and NRIs to make real-time QR code payments abroad at partner merchants using UPI-powered apps like BHIM UPI, PhonePe, and Google Pay, with transparent foreign exchange rates and secure two-factor authentication.
• RuPay Card International Acceptance India's domestic card payment network enabling RuPay cardholders to make retail payments abroad through partnerships with Discover Financial Services and Japan Credit Bureau (JCB).
• UPI-PayNow Cross-Border Remittance Real-time cross-border person-to-person remittance service linking India's UPI with Singapore's PayNow system, enabling instant fund transfers via mobile numbers or virtual payment addresses.
• UPI-Like Instant Payments Infrastructure Build Technology consulting and licensing service enabling developing nations to build UPI-like real-time payments infrastructure customized to their country's requirements, including API-driven messaging protocols, QR code standards, and interoperability framework.
• RuPay-Like Domestic Card Scheme Build Advisory and technology services for countries seeking to establish sovereign domestic card schemes, including processing platforms (SwitchNxt, SettleNxt), tokenization (NTS), 3DS (SecureNxt), fraud management (E-FRM), and analytics modules.
• UPI One World Wallet Digital wallet service enabling foreign visitors to make real-time UPI payments in India without requiring an Indian mobile number or local bank account, with transaction limits and balance refund capabilities.
• Foreign Inward & Outward Remittance Service enabling Indian residents to receive international transfers directly into their bank accounts through UPI IDs and send money abroad under the Liberalized Remittance Scheme (LRS) using recipient's virtual payment address through participating banks.

Quantifiable outcome

• 50% of global real-time digital payments powered by UPI
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability5 records

Feature6 records

Partnerships

21 partnerships are on record, tiered strategic, core and minor.

• Central Bank of SeychellesstrategicTechnology or Integration · 28 June 2026MoU between NIPL and Central Bank of Seychelles for deploying UPI digital payment infrastructure across the island nation, part of India's broader strategy to position UPI as globally recognized payments network.
• Lyra Collect (France)coreTechnology or Integration · 17 June 2026Partnership enabling UPI payments at Galeries Lafayette and other French merchant locations, making France the first European country to adopt UPI. Enables Indian consumers to make UPI payments at participating merchant outlets.
• Nepal Clearing House Limited (NCHL)coreTechnology or Integration · 6 June 2026Launched cross-border payment linkage connecting India's UPI with Nepal's NPI, enabling real-time, low-cost person-to-person remittances using mobile numbers or virtual payment addresses. Aligns with G20 objectives for affordable cross-border payments.
• ACLEDA Bank Plc. (Cambodia)coreTechnology or Integration · 2 June 2026Partnership enabling UPI acceptance in Cambodia through the KHQR national QR code system, allowing Indian travelers to make payments at over 4.5 million merchant outlets across the country. First phase enables Indian users to pay in Cambodia with reciprocal phase planned.
• NAPAS (Vietnam)strategicTechnology or Integration · 6 May 2026MoU for cross-border QR code payment interoperability between India's UPI and Vietnam's fast payment system, facilitating seamless transactions for tourists, businesses, and investors.
• LankaPay (Sri Lanka)coreTechnology or Integration · 17 March 2026Partnership for UPI acceptance across Sri Lanka, enabling Indian tourists to make digital payments by scanning LankaQR with UPI-enabled mobile applications. Addresses growing number of Indian visitors (416,000 in 2024 to 531,000 in 2025).
• MASAV (Israel)strategicTechnology or Integration · 26 February 2026MoU linking India's UPI systems with Israel's MASAV payment service for cross-border transactions during PM Modi's state visit to Israel.
• Fonepay Payment Service Ltd. (Nepal)coreTechnology or IntegrationEmpowers Indian consumers to make instant, secure, and convenient UPI payments at various business stores in Nepal using UPI-powered apps.
• Mashreq Bank (UAE)coreTechnology or IntegrationEnabling UPI acceptance across thousands of merchants in the UAE, facilitating digital payments for Indian travelers in the region.
• Eurobank CyprusstrategicTechnology or IntegrationMoU signed to enable UPI cross-border payments in Cyprus, marking expansion into Europe. Eurobank became first Greek and Cypriot bank to enable cross-border remittances to India via UPI.
• NTT DATA (Japan)strategicTechnology or IntegrationMoU signed for UPI acceptance in Japan, expanding UPI's global footprint to East Asia through partnership with Japanese technology services company.
• Payments Network Malaysia (PayNet)strategicTechnology or IntegrationAgreement to enable UPI and DuitNow QR acceptance in India and Malaysia, facilitating cross-border merchant payments. Phased rollout will first allow Indian travelers in Malaysia and later Malaysian visitors in India.
• Lyra (France)coreTechnology or IntegrationPartnership enabling UPI payments at the Eiffel Tower and expansion across France, making it the first European country to adopt UPI acceptance.
• PayNow (Singapore)coreTechnology or IntegrationReal-time payment linkage between UPI and Singapore's PayNow for cross-border person-to-person remittances via mobile numbers or virtual payment addresses.
• Al Etihad Payments (UAE)strategicStrategic or Co-development PartnerAlliance to advance the development of UAE's first national Domestic Card Scheme (DCS), helping build sovereign payment infrastructure.
• Discover Financial ServicescoreTechnology or IntegrationPartnership backing RuPay card's international reach, providing global acceptance through Discover's network alongside Japan Credit Bureau.
• Japan Credit Bureau (JCB)coreTechnology or IntegrationPartnership supporting RuPay's international expansion through JCB's global acceptance network, extending India's domestic card scheme internationally.
• Namibia (Infrastructure Build)minorStrategic or Co-development PartnerInfrastructure build partnership for helping develop national payment infrastructure.
• Peru (Infrastructure Build)minorStrategic or Co-development PartnerInfrastructure build partnership for developing domestic payment infrastructure in Peru.
• Mauritius (Infrastructure Build)strategicStrategic or Co-development PartnerPartnership for RuPay-like domestic card scheme development and digital payment infrastructure in Mauritius.
• Trinidad and Tobago (Infrastructure Build)strategicStrategic or Co-development PartnerDiscussions for Caribbean country's adoption of India's UPI digital payment system, with NIPL holding multiple rounds of talks with local authorities.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• SWIFT: Global financial messaging network underpinning interbank cross-border payments. Not a direct consumer-facing competitor, but represents the legacy infrastructure that NIPL's bilateral real-time linkages (UPI-PayNow, UPI-NPI) are designed to bypass for retail corridors.
• Western Union: Largest global cross-border money transfer operator with deep agent network. Competes directly with NIPL's UPI-PayNow and India-Singapore/Nepal remittance offerings, though NIPL's real-time, mobile-native model is structurally different from WU's cash-pickup model.
• UnionPay International: International arm of China's state-backed card network, focused on acceptance of UnionPay cards globally. Directly comparable to RuPay International in being a domestic card scheme extending internationally through network partnerships, with substantially larger global footprint.
• Mastercard: Global card network with Mastercard Send for cross-border disbursements and remittances. Comparable as a backbone for international retail payments, directly competing with RuPay's international acceptance strategy and NIPL's remittance linkage products.
• PayPal (Xoom): Global digital payments platform with Xoom for international money transfers. Competes with NIPL in cross-border remittances and merchant payments, with significantly broader global acceptance and consumer brand recognition.
• Visa: Global card network operating Visa Direct for cross-border P2P and P2M payments. Directly competes with NIPL in the international remittance and merchant acceptance corridors where UPI is being extended, but at vastly greater scale and acceptance breadth.

Emerging players

• Ripple: Enterprise blockchain-based cross-border payments network. Adjacent competitor in the cross-border payments infrastructure layer, particularly for bank-to-bank corridors, though with a different technological approach than NIPL's A2A/QR model.
• PIX (Banco Central do Brasil): Brazil's state-backed instant payments system. Conceptually the closest peer to UPI/NIPL as a sovereign real-time payments network with growing international ambitions; competes indirectly in the broader narrative of national real-time payment networks expanding globally.

Direct peers

• Wise (TransferWise): Digital-first cross-border payments company offering low-FX, real-time remittances between dozens of countries. Directly comparable to NIPL's UPI-PayNow linkage and outward remittance products, with a similar value proposition of transparent FX and low fees.
• Remitly: Digital remittance platform focused on corridors from high-income countries to emerging markets, including a strong India corridor. Competes with NIPL's UPI-based outward remittance services targeting the Indian diaspora.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NPCI_Intl
• YouTubeyoutube.com/@NPCI_International
• Facebookfacebook.com/npciinternational
• LinkedInlinkedin.com/company/npci-international
• Instagraminstagram.com/npci_international

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NPCI International Payments