MERCHANTRADE Asia Sdn Bhd, Malaysia’s largest money services business operator, has partnered with NPCI International – a wholly-owned subsidiary of National Payments Corporation of India (NPCI) – 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 beneficiary banks in India via Unified Payments Interface (UPI) identities (IDs).
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.
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.
“India 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,” commented NIPL’s CEO Ritesh Shukla.
“We at NIPL are focused on bringing about the superior cross-border experience through our cutting-edge real-time payment solution – UPI.”
In essence, NIPL’s partnership with Merchantrade Asia will enable customers to enjoy greater efficiency, speed, convenience, and transparency through the former’s UPI platform’s real-time capabilities, round-the-clock accessibility, and simple interface, according to Ritesh.
According to Bank Negara Malaysia, the total industry outward remittance from Malaysia in 2020 stood at RM 26.54 bil, of which Merchantrade Asia’s market share was 33.6% (which included contribution from Valyou Malaysia which it acquired in 2020).
As Malaysia’s leading fintech company and international money transfer operator, Merchantrade Asia’s 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.
“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,” he pointed out.
“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.” – Aug 4, 2021
