National Payments Corporation of India (NPCI) announced the launch of NPCI International Payments Limited (NIPL) - its wholly owned subsidiary firm. NIPL is tasked with the responsibility of exporting NPCI’s indigenously developed offerings and technological acumen to foreign markets. The primary focus of NIPL would be internationalisation of RuPay and UPI, along with a few more offerings of NPCI.
"NPCI has achieved success at developing a robust payments system that is cost effective, secure, convenient and instantaneous. Several nations have displayed an inclination towards establishing a ‘real time payment system’ or ‘domestic card scheme’ inspired by the exemplary innovations by NPCI in the country," the company said in a statement.
NPCI has appointed Ritesh Shukla as Chief Executive Officer (CEO) of NIPL. In this new role, Ritesh’s primary responsibilities would involve formulation of business strategy, leading business development and driving profitability by deploying NPCI’s pre-existing technology and solutions in international markets. Ritesh comes with over two decades of overall experience in banking and payments space. Prior to joining NPCI, he was a part of Mastercard’s business in Middle East and North Africa (MENA) wherein he took charge of sales, business development, P/L functions to drive profitability and market share. Ritesh has also served Axis Bank, HDFC Bank and SBI Cards in his previous stints.
Dilip Asbe, MD & CEO, NPCI said, “We are glad to launch our subsidiary – NIPL to take our unique payment system to global markets. It is also a matter of pride for NPCI that several countries such as Asia, Africa and the Middle East have displayed interest towards replicating our model in their own nations. To help retail NPCI’s focus on its international ambitions, we would like to welcome Ritesh Shukla as the new CEO along with Anubhav Sharma and Rina Penkar. We look forward to witness NIPL scaling new highs by offering NPCI’s innovations to several nations and showcase a true example of Atmanirbhar Bharat.”