Expanding further outside India, indigenously developed real-time payment solution UPI will debut in the UK market with QR code-based transactions.
NPCI International Payments Limited (NIPL) has partnered with payment solutions provider PayXpert to internationalize the acceptance of payment solutions in the UK.
NIPL is a wholly owned subsidiary of National Payments Corporation of India (NPCI) which developed Unified Payments Interface (UPI) and the RuPay card scheme, the world’s largest real-time payment solution.
“This collaboration will make Indian payment solutions available in the UK on all of PayXpert’s Android point-of-sale (POS) devices for in-store payments, starting with UPI-based QR code payments and later integrating the possibility of RuPay card payments,” NPCI said in a release on Thursday. .
Regarded as one of the most successful real-time payments (RTP) systems globally, UPI is expected to generate revenue of $940 billion (approx. Rs. 74,81,800 crore) in 2021, which is 31 percent of India’s GDP.
RuPay is India’s domestically developed global card payment network with over 70 crore (700 million) cards issued till date.
David Armstrong, Managing Director of PayXpert in the UK said that the launch of UPI and RuPay will open up a new area of opportunity for the company in the UK. It will further strengthen the capabilities of the company’s solutions for UK traders, he said.
More than 5 lakh Indians travel to the UK every year, including more than 1 lakh students, NPCI said.
This number is expected to increase rapidly in the next few years.
This partnership will provide Indian travelers with a familiar and convenient way to make payments in the UK.
NPCI said that the UPI and RuPay payment options are set to benefit both consumers and retailers across the UK, providing a welcome boost to trade in the retail, hospitality and tourism sectors.
“With this development, Indians traveling in 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 plan to expand the RuPay card payment facility in the near future,” said Anubhav Sharma, Head International Business – Partnerships. , Business Development and Marketing, NPCI International, said.
In July 2021, Bhutan became the first country to adopt NPCI’s Unified Payment Interface standards for QR implementation and the only country to accept RuPay cards.
Earlier this year, UPI entered another neighboring country in Nepal with the aim of promoting real-time digital transactions.