Merchantrade Asia, NPCI International to offer real-time remittances to India through UPI platform

Published By NST
Blog Detail

Merchantrade Asia Sdn Bhd has partnered with NPCI International Pte Ltd (NIPL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), to offer remittances to India.

KUALA LUMPUR: Merchantrade Asia Sdn Bhd has partnered with NPCI International Pte Ltd (NIPL), a wholly-owned subsidiary of National Payments Corporation of India (NPCI), to offer remittances to India.

This partnership will enable Merchantrade and its network to connect to NIPL and facilitate remittance to beneficiary banks in India via the unified payments interface (UPI) platform.

This partnership will help the partners to push funds to beneficiaries on UPI apps that enable Merchantrade customers to carry out real-time remittances to India.

NIPL chief executive officer Ritesh Shukla said India today is a top market for inward remittance globally, receiving around US$83 billion per annum remitted by over 30 million expatriates from overseas.

"We at NIPL are focused on cross-border experience through our cutting-edge real-time payment solution – UPI.

"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," he said in a statement today.

The solution will assist with beneficiary name matching and facilitate all the required compliance checks safely, securely, and conveniently.

Merchantrade founder and managing director Ramasamy K Veeran said as Malaysia's leading fintech company and international money transfer operator, the company is constantly striving to enhance its services by leveraging on the technologies offered through such partnerships to serve the growing customer base better.

"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 and others.

"At Merchantrade, we continuously upscaling our ecosystem of relevant services through partnerships and collaborations such as this," Ramasamy said.