The partnership will enable Merchantrade and its network to connect to NPCI International Payments Ltd (NIPL) and facilitate remittance to beneficiary banks in India via Unified Payments Interface (UPI) identities (IDs).<\/p>\n
This will enable 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.<\/p>\n
The solution will assist with beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner. The inward remittances are processed via payment modes such as NEFT\/ IMPS\/ RTGS.<\/p>\n
\u201cIndia is today is a top market for inward remittance globally, receiving around US$83 bil per annum remitted by over 30 million expats and PIO (person of Indian origin) overseas,\u201d commented NIPL\u2019s CEO Ritesh Shukla.<\/p>\n
\u201cWe at NIPL are focused on bringing about the superior cross-border experience through our cutting-edge real-time payment solution \u2013 UPI.\u201d<\/p>\n
In essence, NIPL\u2019s partnership with Merchantrade Asia will enable customers to enjoy greater efficiency, speed, convenience, and transparency through the former\u2019s UPI platform\u2019s real-time capabilities, round-the-clock accessibility, and simple interface, according to Ritesh.<\/p>\n
According to Bank Negara Malaysia, the total industry outward remittance from Malaysia in 2020 stood at RM 26.54 bil, of which Merchantrade Asia\u2019s market share was 33.6% (which included contribution from Valyou Malaysia which it acquired in 2020).<\/p>\n
As Malaysia\u2019s leading fintech company and international money transfer operator, Merchantrade Asia\u2019s founder and managing director Ramasamy K. Veeran said his outfit constantly strives to enhance its services by leveraging technology to better serve its ever-growing customer base.<\/p>\n
\u201cWorking 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,\u201d he pointed out.<\/p>\n
\u201cAt Merchantrade we\u2019re 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.\u201d \u2013 Aug 4, 2021[\/vc_column_text][vc_column_text] <\/p>\n
Media Link:<\/b><\/p>\n
<\/i> https:\/\/www.nst.com.my\/business\/2021\/08\/714783\/merchantrade-asia-npci-international-offer-real-time-remittances-india<\/a>
\n<\/i> https:\/\/focusmalaysia.my\/merchantrade-asia-npci-int-to-offer-real-time-remittances-to-india\/<\/a>
\n<\/i> https:\/\/www.thestar.com.my\/business\/business-news\/2021\/08\/04\/merchantrade-asia-npci-offer-real-time-remittances-to-india<\/a>
\n<\/i> https:\/\/prebiu.com\/2021\/08\/04\/merchantrade-asia-npci-international-jalin-kerjasama-tawar-perkhidmatan-kiriman-wang-ke-india-melalui-platform-upi\/<\/a>
\n<\/i> https:\/\/fintechnews.my\/29080\/e-wallets-malaysia\/merchantrade-npci-international-join-forces-to-offer-real-time-remittances-to-india\/<\/a>
\n<\/i> https:\/\/www.socialnews.xyz\/2021\/08\/04\/merchantrade-npci-to-offer-real-time-remittances-to-india-through-upi\/<\/a>[\/vc_column_text][\/vc_column][vc_column width=”1\/6″][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"[vc_row][vc_column width=”1\/6″][\/vc_column][vc_column width=”2\/3″][vc_column_text]MERCHANTRADE Asia Sdn Bhd, Malaysia\u2019s largest money services business operator, has partnered with NPCI International \u2013 a wholly-owned subsidiary of National Payments Corporation of India (NPCI) \u2013 to offer real-time remittances to India. The partnership will enable Merchantrade and its network to connect to NPCI International Payments Ltd (NIPL) and facilitate remittance to…