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. This partnership will enable Merchantrade and its Network to connect to NIPL and facilitate remittance to Beneficiary Banks in India via UPI IDs.
Today's inward remittances are processed via payment modes such as NEFT/IMPS/RTGS. This partnership will help International partners to push funds to beneficiaries on-boarded on UPI apps which means anyone from the Merchantrade network is able to do real-time remittances to India. The solution will assist with Beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.
Ritesh Shukla, Chief Executive Officer, NIPL said, "India, today is a top market for inward remittance globally, receiving around US$ 83 Billion per annum remitted by over 30 Million expats and PIO overseas. We at NIPL are focused on bringing about the superior 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. We look forward to attaining greater heights with this partnership."
Ramasamy K Veeran, Founder and Managing Director of Merchantrade Asia said, "As Malaysia's leading fintech company and International Money Transfer Operator and Payments provider, Merchantrade constantly strives to enhance its services by leveraging on the technologies offered through such partnerships to better serve our ever-growing customer base and positively impact their daily lives."
"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," added Ramasamy.
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