TerraPay partnered with NPCI to enable cross-border transactions via UP

TerraPay partnered with NPCI to enable cross-border transactions via UP: Netherlands-based TerraPay has partnered NPCI International Payments Limited to enable seamless merchant payments via UPI-enabled QR codes.

September 2022 Current Affairs Quiz

Customers and merchants in India with an active Unified Payments Interface Id (UPI Id) will now be able to initiate and accept cross-border payments seamlessly by leveraging TerraPay’s infrastructure and the UPI network. 

The UPI-enabled QR code-based service will allow Indian customers with active UPI IDs to make transactions through 350 million bank accounts across the globe. The firms seek to expand the use of UPI payments and QR for international transactions by merchants. The customer-initiative UPI payments and QR transactions require two-factor authentication. The two-factor authentication is capable of minimizing disputes and issues related to grievance redressal.