Dubai – Wizz Financial, a leading global fintech company specializing in cross-border payments, will be collaborating with the NPCI International Payments Ltd. (NIPL), the international arm of National Payments Corporation of India (NPCI), to create the first live digital payment platform, leveraging various platforms developed by NPCI, using open-source technologies. This is subject to regulatory approval.
NPCI is the authorized payment network in India, known for its world-renowned retail payments system called Unified Payments Interface (UPI). In 2021, UPI enabled 39 billion financial transactions amounting to roughly $940 billion worth of commerce, which is estimated to be around 30% of India’s GDP. The enablement of UPI in India has taken place under the guidance of the Central Bank and through collaboration with the payment ecosystem including financial institutions and fintechs. UPI has helped democratize payments by offering a convenient, efficient, and quick way of enabling P2P (Person to Person) and P2M (Person to Merchant) transactions. Beyond speed and efficiency, the platform has led to massive transformation in financial inclusion, for those who are unbanked as it helps them to create a digital footprint for users which enables access to credit and other financial services.
Beyond speed and efficiency, Wizz Financial said the platform will be a very important tool for those who are unbanked as it helps them to create a digital footprint for users which enables access to credit and other financial services. The payment platform in the UAE is part of the company’s vision to create a government-to-consumer platform, whereby governments will be able to securely transfer money to citizens directly, without going through banks or other intermediaries which can slow the delivery process and add fees and complications to the transfer process.
“The UAE has always been at the forefront of delivering innovative technological solutions and we are excited to bring this platform here,” said Royal Strategic Partners CEO and Wizz Financial Vice Chairman Dr. Hamad Al Ali.
“We are pleased to partner with Wizz Financial to enable digitisation of retail payments in the UAE. The UAE is a strategic market for us, given it is home to around 3.5 million people from India and also one of the top outbound travel destinations for Indians. We, at NIPL, are constantly working towards building partnerships to take NPCI’s indigenously developed payment solutions to international markets and drive digital good,” said NPCI International Payments Limited (NIPL) CEO Ritesh Shukla.
“UPI has enabled India to become the world leader in real-time digital payments,” said Wizz Financial India CEO Angad Chadha. “Based on UPI’s success in India, we believe it offers an opportunity to modernize the payment infrastructure and drive the digital economy in the UAE and the region.”
“We are honored to be working closely with the UAE government to bring this to fruition so that consumers and merchants partake in the benefits right away,” said Wizz Financial Co-Founder and Group Chairman Amir Nagammy. “While these platforms help merchants and consumers, they also help to promote financial inclusion. The platforms can also enable individuals with a secure and convenient way to receive payments directly into their account and eliminates the need to handle cash.”
Wizz Financial is a leading global fintech company specializing in cross-border payments, foreign exchange, micro-lending, digital wallets, and B2B payment technology solutions. It serves 25 million customers and 1,500 corporate and institutional clients in over 30 countries. The Wizz Financial Group has more than 5,000 employees; relationships with 140 correspondent banks; and a presence across the MENA region, India, Africa and numerous subsidiaries in North America, Europe, and Asia. Wizz Financial is a subsidiary of Prism Group AG. For more information, visit: www.wizzfinancial.com.
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