Expanding further outside India, the indigenously developed real-time payment solution Unified Payments Interface (UPI) will enter the United Kingdom market with QR code-based transactions.
NPCI International Payments Limited (NIPL) has partnered with payment solutions provider PayXpert to internationalize the acceptance of its payment solutions in the UK.
NIPL is a wholly owned subsidiary of National Payments Corporation of India (NPCI) which has developed the world’s largest real-time payment solution in the form of UPI and RuPay card scheme.
“This collaboration is an Indian payment solution in the UK on all PayXpert’s Android point-of-sale (POS) devices for in-store payments, starting with UPI-based QR code payments and subsequently integrating the possibility of RuPay card payments.” will provide,” NPCI said in a release on Thursday.
Counted as one of the most successful real-time payment (RTP) systems globally, UPI saw a volume of $940 billion (39 billion transactions) in 2021, equivalent to 31% of India’s GDP. Is.
RuPay is a global card payment network developed domestically in India, with over 700 million (700 million) cards issued so far.
David Armstrong, managing director of PayXpert in the UK, said the arrival of UPI and RuPay will open up a new area of opportunity for the company in the UK, further strengthening the company’s solution capabilities for UK merchants, he said.
The NPCI said that over 5 lakh Indians, including over 1 lakh students, travel to the UK every year.
It said that number is expected to grow rapidly over the next few years.
This partnership will provide Indian travelers with a familiar and convenient way to pay in the UK
NPCI said UPI and RuPay payment options are set to benefit both consumers and retailers across the UK, while providing a welcome boost to commerce in the retail, hospitality and tourism sectors.
“With this development, Indians traveling to the UK will be able to take advantage of UPI’s payment platform through PayXpert’s POS devices. This collaboration is an important milestone for us and we look forward to expanding the convenience of RuPay card payments in the near future. Anubhav Sharma, Head International Business – Partnership, Business Development & Marketing, NPCI International said.
In July 2021, Bhutan became the first country to adopt Unified Payments Interface standards for NPCI’s QR deployment, and became the only country to accept RuPay cards.
Earlier this year, UPI entered another neighboring country, Nepal, with the aim of promoting real-time digital transactions.