Merchantrade Asia has partnered with NPCI International, a wholly-owned subsidiary of National Payments Corporation of India (NPCI), to offer real-time remittances to India through the Unified Payments Interface (UPI).
UPI is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions that is regulated by the Reserve Bank of India.
This partnership will enable Merchantrade and its network to connect to NPCI and facilitate remittance to banks in India via UPI IDs.
International partners will be able to transfer funds to beneficiaries on-boarded on UPI apps which means anyone from the Merchantrade network will be able to make real-time remittances to India.
The solution will also feature beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.
Ritesh Shukla, Chief Executive Office, NPCI said,
“Our partnership with Merchantrade will enable customers to enjoy greater efficiency, speed, convenience, and transparency through UPI platform’s real-time capabilities, round-the-clock accessibility, and simple interface. We look forward to attaining greater heights with this partnership.”
Ramasamy K Veeran, Founder and Managing Director of Merchantrade Asia said,
“Working with NPCI International will enable our customers and partners to more easily transfer funds to India using UPI apps such as BHIM, Google pay, Amazon pay, etc. At Merchantrade we’re continuously upscaling our ecosystem of relevant services through partnerships and collaborations such as this. Our vision is to bring a whole new level of convenience to our customers,”
Featured image: (Left) Ramasamy K Veeran, Founder and Managing Director of Merchantrade Asia and (right) Ritesh Shukla, Chief Executive Office, NPCI
